Former Newcastle proprietor Mike Ashley ‘set to make a shock bail-out supply to rescue cash-strapped Yorkshire and clear £16m money owed’, though he faces competitors from India and Saudi Arabia and doesn’t plan to purchase membership
- Mike Ashley is ready to make a considerable money injection at Yorkshire
- Divisive former Newcastle proprietor doesn’t plan to purchase the membership, nevertheless
- The stricken county’s money owed stand at £16m and they’re open to funding
Mike Ashley is about to make a suggestion subsequent week to clear stricken Yorkshire County Cricket Membership’s £16million money owed.
The previous Newcastle United proprietor doesn’t plan to purchase the membership however is ready to make a considerable money injection, The Telegraph reported final night time.
Ashley is anticipated to stipulate his plans shortly. Monetary backers with ties to Indian Premier League outfit Delhi Capitals and intermediaries representing Saudi Arabia’s Public Funding Fund are additionally keen on Yorkshire.
Ought to Ashley’s bid show profitable, Yorkshire could give him a seat on the board.
Yorkshire’s newest accounts confirmed ‘a cash-flow shortfall over and above the membership’s current borrowing amenities will come up in direction of the top of 2023, and with out additional funding of circa £3.5m the membership won’t be able to proceed as a going concern.’
Mike Ashley is about to make a suggestion subsequent week to clear stricken Yorkshire’s £16million money owed
The previous Newcastle proprietor (pictured, left) doesn’t plan to purchase the struggling membership, nevertheless
Any proposed funding requires member approval however Ashley’s supply might show to be acceptable for a membership teetering on the brink after the Azeem Rafiq storm.
The Telegraph add that Yorkshire’s most respected asset is Headingley, and it’s potential the bottom could also be safety in return for Ashley shouldering the debt.
Ashley departed Newcastle amid bitter criticism from supporters over his lack of spending on transfers and infrastructure, although any function at Yorkshire would doubtless be restricted to him steadying the membership and taking his first steps into cricket.
Reportedly, Ashley would relish the possibility of heading off curiosity and securing a deal forward of Saudi Arabia. The identical outlet declare the enterprise magnate is more likely to have the higher hand, with direct talks with the Saudis but to happen.
Yorkshire executives haven’t seemed to promote a stake within the membership however they’re understood to be exploring different avenues, together with refinancing on the debt.
General, the package deal is alleged to be price £20m.
It’s potential Headingley (above) could also be safety in return for Ashley shouldering the debt
Lord Kamlesh Patel’s reign has seen the membership pay out £3.5m in authorized charges and severances
In December, Yorkshire turned to refinancing and restructuring consultants FRP Advisory in a bid to draw £20m price of much-needed contemporary funding.
Ashley and his rivals will look to safe a deal as quickly as potential. The state of affairs has been sophisticated, although, with the membership nonetheless within the means of appointing a brand new chair. Lord Kamlesh Patel will step down on the county’s subsequent annual assembly.
Patel joined Yorkshire in November 2021 after Roger Hutton’s resignation in response to the membership’s dealing with of Rafiq’s racism accusations.
He agreed a compensation package deal with Rafiq and ordered Yorkshire’s teaching and medical workforce to be sacked, resulting in quite a few settlements.
Yorkshire have been additionally hit with a disrepute cost.
Patel’s 16-month reign has seen the membership pay out £3.5m in authorized charges and severance funds to 16 employers sacked when he took up his place.
