24 March 2023 , 14:48
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Yorkshire County Cricket Club are reportedly on the brink of administration as allegations of racism continue to plague the club.
In February and March, disciplinary proceedings were brought against the club and seven individuals who were charged by the England and Wales Cricket Board (ECB) with bringing the game into disrepute. The verdict from the hearing is expected imminently, with a sanctions hearings provisionally scheduled from April 17 onwards.
In January this year Lord Patel, who was installed as Chairman in November 2021 shortly after allegations came to light, announced he was stepping down from his role. Initially outlining his plan to change the culture at the club, Lord Patel faced a host of legal challenges during his time in charge, with his stint set to end at an annual general meeting on Friday.
And now the reports the extent of the financial damage the scandals have had, racking up £3.5 million in legal fees in 2022, as well as severance payments to 16 employers sacked. Furthermore, £734,283 was reportedly spent on governance reviews of the club.
The county's own accounts warn that outstanding debts of £500,000 are also due to be paid to the trust owned by former Chairman Colin Graves in October. Attracting new investors has inevitably proved difficult amid the negative publicity around the club.
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The report also claims that Graves, and Labour peer Lord Mann, are negotiating the formation of their own consortiums in a bid to refinance the club. Dame Tanni Grey-Thompson will stand as interim Chairman in place of Patel, overseeing matters until a permanent appointment is made.
(AFP via Getty Images)Andrew Umbers, of Oakwell Sports Advisory, said: “To put it in to plain financial language the report and accounts statement of 2022 says that without a refinancing of its debts or other additional funding the club will not currently be able to meet its liabilities as they fall due in the foreseeable future’ effectively means that YCCC are trading insolvently."
Yorkshire themselves have released a statement saying they were looking at viable options. “Our 2022 accounts set out the financial position of the club in standard accounting language, in similar terms to our 2021 accounts. Working alongside professional advisers, the board is currently considering financing options that will address both the short and long-term funding needs of the club," they said.
"As part of that process, the club has approached prospective lenders, and has commissioned its advisers to assist in taking the transaction to the lending market in order to access the widest possible pool of potential loan capital. This work is continuing, with a number of potential sources of finance and active conversations being undertaken, to lay the foundations for the club not just to survive, but thrive in the long term.”