Current location:International Inklings news portal > travel
Rajasthan Royals launch ANOTHER bid to invest in cash
International Inklings news portal2024-05-22 10:19:12【travel】1People 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://albania.olivelawfirm.net/news-74b099860.html
Very good!(12)
Related articles
- Caitlin Clark returns for 2nd half against Sun after apparent left leg injury in 1st half
- Slovak PM in 'very serious' condition after being shot
- Mike and Zara Tindall team up with Peter Phillips and his ex
- Las Vegas Aces sell out a WNBA
- No more cute snaps of Mt Fuji. A screen is up in a Japanese town to prevent tourist crowds
- Xi, Putin jointly meet press
- Gun Song wins the Black
- In Brazil’s flooded south, a secret mission to recover thousands of guns
- Thailand welcomes the return of trafficked antiquities from New York's Metropolitan Museum
- California's scenic Highway 1 to Big Sur opens to around
Popular articles
- It's so hot in Mexico that howler monkeys are falling dead from the trees
- An unusual autumn freeze grips parts of South America, giving Chile its coldest May in 74 years
- Former top Baltimore prosecutor applies for presidential pardon
- Golfer's prompt release from jail rankles some who recall city's police turmoil
Recommended
Election deniers moving closer to GOP mainstream as Trump allies fill Congress, report shows
Russia vows retaliation for Ukrainian strikes on its regions
China ready to work with Arab countries for higher level community with shared future: Xi
Xi, Putin attend signing ceremony of cooperation documents
Russia begins nuclear drills in an apparent warning to West over Ukraine
Vindicated by Supreme Court, CFPB director says bureau will add staff, consider new rules on banks
Romeo Beckham takes inspiration from his dad David AGAIN by sporting a bandana in new snap
Golfer's prompt release from jail rankles some who recall city's police turmoil
Links
- Braves make 2 deals with infielders, adding Short from Red Sox and sending Guillorme to Angels
- Watch the hilarious moment Prince William laughs off a woman shouting 'Can I have a kiss, William?'
- Alvarez and Singleton hit long homers in the 1st inning to help Astros avoid being swept by Yankees
- Arkansas lawmakers adjourn session, leaving budget for state hunting, fishing programs in limbo
- World's largest deinonychosaur tracks discovered in China's Fujian
- How major US stock indexes fared Thursday, 5/9/2024
- Country star Cindy Walker posthumously inducted into Songwriters Hall of Fame
- Dreaming of living la dolce vita? Non
- Lakers star Christian Wood's ex
- Haiti's chaotic gang violence has people seeking solace in Vodou