Colin Graves has advocated taking Yorkshire into non-public possession in a bid to unlock funding amid his considerations the membership is “preventing for its survival” this 12 months.
Graves, whose divisive return as Yorkshire chair was rubber-stamped in February, outlined in a letter to members that the county’s losses exceeded £9million with a bleak monetary prognosis for this 12 months.
With the membership in such a dire monetary state of affairs, Graves believes Yorkshire should transfer away from a standard members’ construction with a view to entice non-public funding and keep afloat.
“Sadly, there isn’t a doubt that with out swift and decisive motion, YCCC (Yorkshire County Cricket Membership) might be preventing for its survival throughout 2024,” the 76-year-old wrote.
“A demutualisation – thereby changing the membership to a personal construction, which unlocks potential non-public funding – seems at this level important for the membership’s future.
“My agency intention is that members’ present rights are protected and {that a} demutualisation would symbolize no change to their present interplay with YCCC.
“The membership can be higher structured to be self-sustaining, nonetheless in existence, and to seize most worth for YCCC from any processes corresponding to The Hundred.
“Different county golf equipment, together with Hampshire and Northamptonshire, have efficiently demutualised and are realising the advantages of this construction.”
Graves saved Yorkshire from monetary oblivion in 2002 and, as such, his household belief – which is overseen by impartial trustees – remains to be owed nearly £15m.
Graves was the frontman of a monetary rescue package deal that was accepted by the membership’s members at a unprecedented common assembly earlier this 12 months, paving the way in which for his reinstatement at Yorkshire.
His first spell between 2012 and 2015 coincided partially with the racism scandal that enveloped Yorkshire and for which Graves in January apologised “personally and unreservedly”.
In keeping with the newest monetary accounts for final 12 months, there was a £1.9million loss regarding “distinctive” bills, most of that are due to the authorized prices, fines and settlements throughout the racism furore. In complete, Graves estimates these distinctive money prices are greater than £5m.
Regardless of Headingley staging an Ashes Check in 2023, Yorkshire reported a £2.7million buying and selling loss for 2023 whereas a “restricted worldwide scheduling” this 12 months is projected to trigger extra monetary ache.
“The membership is approaching borrowing limits and owes essential working companions appreciable sums, all whereas being consigned to additional monetary losses in 2024,” Graves added.
“We urgently must take applicable motion to make sure that YCCC is financially steady, match for the longer term, and – as I acknowledged on the EGM in February – by no means put on this place once more.”
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