EXCLUSIVE: Yorkshire avoid threat of administration as club negotiate extension of £500,000 payment owed to Colin Graves Trust
- The cash-strapped cricket club struggled to repay the loan
- Yorkshire made a £2.2m loss last year but have bought themselves time
- Rajasthan Royals have offered £25 million to take control of the club
Yorkshire has avoided the government’s threat by negotiating a deferral of a £500,000 payment to the Colin Graves Trust, which was due next month.
As previously reported by Mail Sport, the cash-strapped club struggled to repay the loan after posting a £2.2million loss last year.
Yorkshire’s players have spoken openly about fears they may not be paid next month due to the looming repayment, part of a £15 million loan provided by the family trust of the former county chairman.
However, the club’s management team is said to have negotiated an extension and this will now only take place when the next financial year begins in April 2024.
Yorkshire’s extension will give them more time to agree a debt refinancing package that will allow them to fully repay the £15 million loan and secure the club’s future.
Yorkshire has avoided the government’s threat by negotiating a payment moratorium
The cash-strapped club struggled to repay the loan after losing £2.2 million
As Mail Sport revealed last week, the Rajasthan Royals have offered £25m to take control of the club, while former Newcastle owner Mike Ashley is looking to buy Headingley and lease it back to Yorkshire in return for brand rights in the stadium.
Yorkshire declined to comment.