CEO of Yorkshire wants to privatize the club

Colin Graves is concerned that the Yorkshire club is fighting for its survival and is considering taking the club into private ownership to unlock investment.

In a letter to members, Yorkshire’s recently re-elected chair, Graves, revealed significant financial problems. The county lost over £9 million last year, and the outlook for this year isn’t much better.

Facing a financial crisis, Graves proposes changes to Yorkshire’s membership structure. He believes attracting private investment requires a shift away from the traditional model to ensure the club’s survival.

The letter detailed that there was doubt that without swift and decisive action, YCCC (Yorkshire County Cricket Club) would be fighting for its survival in 2024.

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He added that converting the club to a private structure that unlocks potential private investment is necessary at this point for the club’s future.

He cleared his intention that members’ current rights are protected and that a demutualization would not change the club’s current relation with YCCC.

He added that it will be better for the club to be structured and it will prolong the existence of the club.

He gave examples of clubs such as Hampshire and Northamptonshire that have demutualized successfully and are benefitting from this structure.

In 2002, Graves stepped in to rescue Yorkshire from financial ruin. However, his family trust, managed by independent trustees, is still owed nearly £15 million by the county.

Earlier this year, Graves championed a financial rescue plan approved by club members in a special meeting. This paved the way for his return to his leadership position at Yorkshire.

Graves’ previous tenure at Yorkshire, from 2012 to 2015, overlapped with the county’s racism scandal. In January, he offered a sincere and personal apology for his role in the club’s handling of the situation.

Last year’s financial report shows a significant £1.9 million loss due to “exceptional expenses.” These expenses are primarily legal costs, fines, and settlements stemming from the racism scandal. In total, Graves estimates these costs to be over £5 million.

Even though Headingley hosted the Ashes in 2023, Yorkshire still suffered a hefty £2.7 million trading loss for the year. This financial strain is expected to continue in 2024 due to a limited schedule of international matches.