Your current location:HOME >opinions >Rajasthan Royals launch ANOTHER bid to invest in cash 正文
TIME:2024-05-22 09:53:56 Source: Internet compilationEdit:opinions
Rajasthan 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.
Seoul AI summit opens with companies including Google, Meta, OpenAI pledging to develop AI safely2024-05-22 09:46
Movies Featuring Women's Strength Popular in China's Cinema2024-05-22 08:53
Sheep Breeding Cooperatives Boost Incomes of Xizang Herders2024-05-22 08:12
Intelligent Seedling Breeding Base Enhances Spring Farming Efficiency in Chongqing2024-05-22 08:10
UN maritime tribunal says countries are legally required to reduce greenhouse gas pollution2024-05-22 07:50
Workers Produce Spring Festival Posters in China's Shandong2024-05-22 07:44
Popular TV Drama Turns Spotlight on Preservation of Shanghai Dialect2024-05-22 07:39
Time Needed for Incentives to Boost Fertility: Expert2024-05-22 07:37
Georgia QB Jaden Rashada sues Florida coach, others over failed $14M NIL deal2024-05-22 07:08
Zheng reaches Australian Open semifinals after fighting win2024-05-22 07:08
Germany and Real Madrid great Toni Kroos to retire after Euro 20242024-05-22 09:38
Staff Members Prepare Flour Products for Spring Festival in China's Shandong2024-05-22 09:35
Economic Keywords at 2024 'Two Sessions'2024-05-22 09:31
Highlights of Gangwon 2024 Winter Youth Olympic Games2024-05-22 08:57
Hometown of Laura Ingalls Wilder set for a growth spurt2024-05-22 08:35
Thriving marathon industry in China brings health and new opportunities2024-05-22 08:32
Int'l Tourism Festival Featuring Frozen Waterfalls Opens at Jiuzhaigou National Park2024-05-22 08:13
Curling Mixed Doubles Round Robin Session 14 at Gangwon 2024: New Zealand vs. China2024-05-22 07:35
Scheffler back to work at Colonial and Stricker returns to Senior PGA in Michigan2024-05-22 07:31
Service Stations Organize Activities for Herdsmen to Enrich Leisure Time in Xinjiang2024-05-22 07:08