ECB could VETO Saudi Arabia’s proposed investment in Yorkshire County Cricket Club
The ECB could veto Saudi Arabia’s proposed investment in Yorkshire after Prince Badr passed their fit and proper person’s test…
- Prince Badr is currently in negotiations to invest in the Yorkshire Cricket Club
- But Saudi Arabia’s proposed investment in Yorkshire could be rejected by the ECB
- Badr becomes the first person to be subjected to the fit and proper person’s test
Saudi Arabia’s proposed investment in Yorkshire could be rejected by the ECB as Prince Badr will become the first person to face the governing body’s trustworthiness test if his offer to buy into the club is accepted.
Mail Sport revealed on Thursday that the Saudi culture minister has offered to buy the £15m debt Yorkshire owes former chairman Colin Graves in what would be the first case of foreign investment in county cricket.
Yorkshire has also held talks with other foreign investors, including a group from India, who are trying to refinance their debt and raise money to get through the season.
As Mail Sport revealed last month, the club’s attempts to secure a £20m loan from UK banks have failed due to concerns over the club’s financial projections, which have left them looking abroad, although this the added complication of requiring Lord’s ratification.
The ECB is being deemed cautious about foreign investment after spending 15 years burning their fingers signing a deal with US businessman Allen Stanford, who was subsequently charged with £8bn fraud and sentenced to 110 years in prison. Although there is no barrier to foreign investment, the suitability and reliability test would be rigorous.
Prince Badr of Saudi Arabia (above) is in negotiations to invest in the Yorkshire County Cricket Club
However, Saudi Arabia’s proposed investment in Yorkshire could be rejected by the ECB
Yorkshire still have to pay off a £15 million debt to their former chairman Colin Graves
Yorkshire CEO Stephen Vaughan yesterday confirmed talks with potential foreign investors in what appears to be an effort to reduce the club’s reliance on Graves.
The 75-year-old, who was also president of the ECB for five years, is trying to return to the club he saved from liquidation 20 years ago.
“While we are unable to comment on any of the individual parties involved, we are engaged in numerous positive and serious discussions regarding the refinancing of the club and continue to explore all avenues available to us,” said Vaughan.