Durham 'rescue package' agreed with county council
By Paul Vinnell
Last Updated: 19/10/16 12:09pm
Durham's future as a financially viable first-class club is a major step closer after confirmation that the county council has unanimously agreed to a "rescue package".
Durham agreed a £3.8m bail-out with the England and Wales Cricket Board earlier this month.
The deal included stringent conditions including relegation from Division One of the Specsavers County Championship and a 48-point penalty for the start of next season.
On Wednesday morning, Durham County Council announced in a Tweet that a recommendation has been accepted for a plan to convert £3.74m in outstanding debt to the local authority into shares in the club's new structure as a community interest company.
A statement from the club read: "Durham CCC welcomes the support of the partnership of stakeholders, notably the ECB and Durham County Council, that has come together to invest in an important regional asset and secure the future of first class and international cricket in Durham.
"The club is pleased that this has been achieved without the need for significant public debt write-off as has been the case elsewhere in cricket.
"The club's difficult financial position was brought to a head earlier in the year by the unexpected calling in of a long term loan and the challenge of securing, in time, private development investment.
"Durham CCC now looks to the future and to cricket success in a sustainable business."