Yorkshire secure loan to buy Headingley

The on-off saga of Yorkshire's attempts to buy Headingley finally ended when Leeds City Council agreed to provide the Club with £9 million of funding under the Government's Prudential Lending Scheme.

Yorkshire's bid had been on the verge of floundering before the council granted the loan, payable over a 15-year period at a fixed rate of 4.5%, allowing the county to purchase the freehold of the cricket ground and the cricket-related income streams from existing owners Leeds Cricket Football & Athletic Company.

"The arrangement represents a victory for both the city and the county club," said a clearly relieved Robin Smith, Yorkshire's chairman. "The city's future and reputation will be enhanced by the continuity of test and international cricket at Headingley, which the loan will ensure. Cricket lovers can enjoy the sport knowing that the future of the ground is secure.

"Without the council's loan this transaction would have been impossible and now that the loan has been made to us we can put in place a platform for enduring progress for the club and for Yorkshire cricket. There is still lot of work to do to complete the transaction and we are aiming to have it all completed by December 31."