Glamorgan announce finances boost
Glamorgan have secured £1.3m in new funds from a group of private investors, as well as agreed the restructuring of several loans, to give a healthier look to their finances ahead of the 2012 season. The county also announced that former ECB chairman and ICC president David Morgan has been nominated as Glamorgan's president-elect.
Allied Irish Bank, Cardiff Council and former chairman Paul Russell are the creditors who agreed to the restructuring, which includes an extension of the deadline for repayments. Last year, Glamorgan lost the right to host an England Test against West Indies, due to a delay in making payments to the ECB for the rain-drenched first Test against Sri Lanka in May.
"We are delighted to be able to make this landmark announcement, which secures our future and 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," chairman Barry O'Brien said. "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."
Chief executive Alan Hamer said: "As with many other counties Glamorgan cricket has faced financial challenges for a number of years so this news is particularly welcome."
Morgan, who served as Glamorgan's chairman between 1993 and 1997, will be proposed as the county's president on a four-year term at their annual general meeting. "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," O'Brien said.