Current location:Horizon Herald news portal > business
Rajasthan Royals launch ANOTHER bid to invest in cash
Horizon Herald news portal2024-05-22 10:58:14【business】9People have gathered around
IntroductionRajasthan Royals have launched another bid to buy into Yorkshire with club facing going bust unless
Rajasthan Royals have launched another bid to buy into Yorkshire with club facing going bust unless they attract new investment this year.
In an email sent to Yorkshire members earlier on Monday chairman Colin Graves disclosed that the club 'are engaged in discussions with several potential funding partners', with Rajasthan understood to be regarded as the most credible investors at this stage.
Mail Sport revealed last September that Rajasthan had offered Yorkshire around £25millon to buy the club outright, but following protracted negotiations that deal collapsed as the Board were reluctant to end over 160 years as a private members' club.
In his letter to members today however, Graves described the process of demutualisation - moving from being member-owned into private ownership - as 'essential' and admitted Yorkshire are facing a battle for survival.
Graves is understood to have been involved in the initial talks with Rajasthan before he returned to Yorkshire as chairman in February, so their return to the negotiating table is understandable.
IPL side Rajasthan Royals have made another bid to buy into Yorkshire County Cricket Club
Yorkshire chairman Colin Graves (pictured) has admitted the club needs investment if they are going to survive
Rajasthan Royals made a £25m offer to buy Yorkshire - who play at Headingley (pictured) - last year, but were unable to agree a deal
The 76-year-old appears to have had a dramatic change of heart however, as in the run-up to the election which saw him win 88 per cent of the vote Graves told members that Yorkshire had no plans to take the club into private ownership.
Graves now claims that demutualisation is essential for Yorkshire to attract the investment they need to survive after losing £2.7m last year despite hosting a successful Ashes Test match, with further heavy losses forecast for this year. Such a move would need by ratified by a 75 per cent majority of Yorkshire's members with a turnout of at least 50 per cent.
In Monday's letter Graves makes clear that without additional investment Yorkshire's future beyond this year cannot be guaranteed.
'Unfortunately there is no doubt that without swift and decisive action YCCC will be fighting for its survival during 2024,' Graves wrote. 'During recent months the Board has been working extensively to secure new financing to ensure the club survives throughout 2024.
'The club's current status as a mutual society continues to prove a blocker to attracting private financing. A demutualisation - thereby converting the club to a private structure, which unlocks potential private investment - appears at this point essential for the club's future. We are currently engaged in discussions with several credible funding partners.'
Rajasthan Royals - who have England captain Jos Buttler in their ranks - must be regarded as credible bidders
The size of Rajasthan's offer and potential stake is not known at this stage, but given their long-term interest the IPL franchise must be regarded as credible bidders.
Investing in Yorkshire would also give them a stake in the potentially more lucrative Northern Superchargers Hundred franchise, as the ECB are in talks about handing over a 51 per cent share of each of the franchises to the host counties, which include Yorkshire.
Address of this article:http://jordan.quotesbonanza.com/content-07a599463.html
Very good!(748)
Related articles
- Syrian first lady Asma Assad diagnosed with leukemia, president's office says
- More than 214k vehicles seized by police forces last year
- Sharp rise in rental fraud including faking payslips, as tenants seek to fight off competition
- Greece gives away 25,000 free holidays
- Tagovailoa misses Dolphins' OTA day to attend Saban's charity golf tournament
- More than 214k vehicles seized by police forces last year
- With a wet Easter looming, we round up the 20 best last
- How to grab a last
- Cristiano Ronaldo to lead Portugal into record sixth European Championship
- From caves to lagoons and lost
Popular articles
Recommended
Rafael Devers sets team record by homering in 6th straight game as Red Sox top Rays 5
Will the Bank of England cut interest rates soon? This is Money podcast
The best views in Britain? Three
Independent publisher rejected from taking part in Hong Kong Book Fair
It's so hot in Mexico that howler monkeys are falling dead from the trees
Will the Bank of England cut interest rates soon? This is Money podcast
Travel insiders' expert tricks to get a FREE upgrade on your holiday
Video tour of Gatwick's futuristic electric vehicle charging station
Links
- Indian gov't orders probe in parliament security breach incident
- Harry Styles' huge net worth revealed as singer pays himself a whopping £67million after sold
- Ethiopia says ready to play constructive role as new BRICS member
- 30 Palestinian prisoners released by Israel on 5th day of truce
- China's Ningbo
- Paintsil, Fagúndez spark Galaxy to 3
- Record Qingming holiday box office heats up for May Day moviegoing frenzy
- Infographic: What we need to know about COP28
- Staggering figures reveal America's gun violence in 2023
- China unveils new measures to streamline foreign exchange business processes