Glamorgan agree restructuring

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Glamorgan chairman Barry O'Brien says the club can "look forward to the 2012 season in a positive manner" after agreeing terms with their existing lenders and new investors for a financial restructuring

Glamorgan have announced that terms have been agreed with their existing lenders and new investors for a financial restructuring that will put the club on a sound financial footing for several years.

The club's existing lenders, which include Allied Irish Bank, Cardiff Council and Paul Russell, have agreed to restructure their loans, which includes extending the repayment terms. In addition the club has raised £1.3million from a group of private investors who are committed to the long-term success of Glamorgan Cricket.

Glamorgan chairman Barry O’Brien said: “We are delighted to be able to make today's 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.

“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.”

Club treasurer Hamish Buckland added: “We are very grateful to our bankers AIB, to Cardiff Council and, as ever, the club's former chairman Paul Russell for their continuing support as well as those friends of the club who have provided the additional investment."

Chief executive Alan Hamer said: “As with many other counties Glamorgan Cricket has faced financial challenges for a number of years so today's news is particularly welcome.

“On behalf of the club I would pay particular tribute to Barry and Hamish for their great skill and tireless efforts over the past six months - a great deal of hard work has taken place behind the scenes and their highly skilled contributions have been vital in helping the club reach a successful outcome.”

Glamorgan have also revealed that David Morgan has agreed to accept its nomination as president-elect.

Subject to the approval of members at the club’s annual general meeting, the former Glamorgan, ECB and ICC chairman will serve a four-year term, which will see him presiding over the Ashes Test at the SWALEC Stadium in 2015.

O’Brien added: “As the previous chairman of Glamorgan, 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.”

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