Northamptonshire County Cricket Club to become limited company after members vote
At an extraordinary general meeting, members of Northamptonshire County Cricket Club voted 172 to 27 in favour of a plan to change the club into a limited company.
It means investment in the club will come from shareholders, who will vote on major decisions.
The board of directors say this will allow access to more money and make sure cricket stays at Wantage Road.
Northants will join the likes of Yorkshire and Durham, who have already made the change.
Also at the meeting last night, the club named some of the new investor. They include Tony Travis, former chairman of Travis Perkins, and Martin George, who was formerly involved in Whitworths and Weetabix.
Northamptonshire County Cricket Club was formed 1878 and has been run as a members club.
Day-to-day decisions have been made by the board, voted in by the members, and any major decisions have been made at the annual general meeting or extraordinary general meeting.
Members will still be allowed to attend and speak at any general meetings, but will not be able to vote unless they own a share or shares. The club said the opportunity is available for members to buy shares.
The decision will be enacted in a year’s time.
The club said today that the proposal will allow for 10 to 15 major investors, most of whom already have links to the club as supporters and benefactors, to provide a minimum investment of £25,000 each.
Existing NCCC Members will also have the chance to buy shares with a minimum subscription of £250. A new limited company will then be formed, becoming the owner of NCCC.
The club said the vote means reduced debt for the club, lower interest payments and less dependence upon finance from other external sources.
Gavin Warren, chairman, said: “As a board, we are not just concerned about this year, next year and the year after.
“Our priority is to ensure that the club is functioning and prospering in 100 years’ time. We feel this proposal makes that much more likely.
“This gives us a solid platform I believe we can build on. There will be more money to invest in players, coaching and youth development as well as the non-cricket and commercial side of the club. It will mean a much stronger, long-term sustainability for the future.”
Season ticket memberships and other ticket arrangements will continue in the current format, and existing Life Memberships will be honoured.
Ray Payne, chief executive said “It was a key objective last year to develop a strong income stream away from the pitch and a key strategy of the board was to strive for financial independence from the ECB.
“I am delighted our members have chosen to support this venture. It will mean we are able to further maximise the assets of the club and continue to prosper both on and off the pitch.”