Current location:travel >>
Rajasthan Royals launch ANOTHER bid to invest in cash
travel62People 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.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Stellar Station news portal”。http://tonga.downmusic.org/news-29a599433.html
Related articles
Weather forecasters warn Pakistanis to stay indoors ahead of new heat wave
travelISLAMABAD (AP) — Authorities in Pakistan on Tuesday urged people to stay indoors as the country is h ...
【travel】
Read moreChina unveil 31
travelChina unveiled a 31-player roster on Friday for the upcoming 2026 FIFA World Cup Asian qualifiers, w ...
【travel】
Read moreHe's 31 points helps Shenzhen beat Tianjin in CBA
travelHe Xining scored a game-high 31 points to go along with 11 rebounds and six assists as the Shenzhen ...
【travel】
Read more
Popular articles
- Australia's deputy prime minister pledges support to Solomon Islands during visit to Honiara
- Kate Martin attends WNBA draft to support Caitlin Clark, gets drafted by Las Vegas in second round
- Messi sidelined for Argentina friendlies with injury
- Judge orders psych evaluation for Illinois man charged in 4 killings
- Election deniers moving closer to GOP mainstream as Trump allies fill Congress, report shows
- Most don't think Trump committed crime in hush money case: AP
Latest articles
Landmark Paris trial of Syrian officials accused of torturing, killing a father and his son starts
Chengdu, a rising megacity based on sound governance
Chinese paddlers sweep titles at WTT Champions Incheon
HK, Macao children representatives visit landmarks in Beijing
How major US stock indexes fared Monday, 5/20/2024
Beijing universities open campuses for winter vacation tours
LINKS
- 'Callous' crook who pretended to be an 82
- Climate change will cost about $38 trillion a year by 2049, a new study calculates
- 3 Pennsylvania construction workers killed doing overnight sealing on I
- Supreme Court makes it easier to sue for job discrimination over forced transfers
- Myanmar’s junta moves Aung San Suu Kyi to house arrest, report says — Radio Free Asia
- Edmunds: Avoid these 3 mistakes when buying a used car sight unseen
- Delicious one
- Myanmar junta releases thousands of prisoners in New Year amnesty — Radio Free Asia
- The Montreal Canadiens have exercised the option on coach Martin St. Louis' contract
- New Mexico special legislative session to focus on public safety initiatives