Cash-strapped Durham took another step towards remaining a financially viable first-class club after the local council agreed a "rescue package" for the north-east side. Durham had already agreed a £3.8 million ($4.8 million, 4.3 million euros) bail-out from the England and Wales Cricket Board - a cash injection that came with the tough conditions of relegation from the First Division of the County Championship and a 48-point penalty at the start of next season.
Wednesday saw Durham County Council announce in a tweet that a plan had been agreed to convert £3.74 million in outstanding debt to the local authority into shares in the club's new structure as a community interest company. "Financial rescue package for @DurhamCricket unanimously agreed," said the tweet.
The sanctions imposed on Durham by the ECB also include a stipulation that their Chester-le-Street headquarters will no longer stage Test matches for the foreseeable future, although the ground can continue to host limited overs internationals such as next year's Twenty20 between England and the West Indies.
Comments
Comments are closed.