Glamorgan have gone a long way to easing their debt crisis by restructuring loan repayments as well as attracting some private investment.
The Welsh county are multi-millions in debt and owe money to Allied Irish Bank, Cardiff Council and former chairman Paul Russell, who stepped down last summer.
Most of that debt was accrued in the construction of the Swalec Stadium, their Cardiff headquarters, ahead of the 2009 Ashes Test
All three parties have agreed to extending the length of time the debt has to be paid by, as well as a reduction in interest rate. It means the county will save around £300,000 a year in repayments, helping to release some much needed capital. In addition, Glamorgan have raised £1.3m from a group of nine private investors.
“It demonstrates the confidence our investors have in the club’s business and prospects following our success in securing 17 days of international cricket over the next five years, including the 2015 Ashes,” said chairman Barry O’Brien.
“We can now look forward to the 2012 season in a positive manner which will also see the club stage an England v South Africa one-day international and the Friends Life t20 finals day in August.”
It is a much-needed boost for a county which suffered badly when the club was stripped of the right to host England’s Test against the West Indies in Cardiff in 2012.
The England and Wales Cricket Board made the decision after Glamorgan said they would be late paying the fee they owed for hosting the Sri Lanka Test in May 2011.
Meanwhile, the club have also announced David Morgan, the former club chairman and former chairman of the England and Wales Cricket Board, has agreed to accept the nomination of president-elect.
Subject to approval of the members at this year’s annual meeting, Morgan has agreed to serve a four-year term.
“As the previous chairman of Glamorgan, David is acknowledged worldwide as one of cricket’s great administrators and his welcome return to Glamorgan will be of enormous value to the club,” added O’Brien.