Lancashire Cricket Bond To Raise Hotel Cash

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Lancashire Cricket Bond To Raise Hotel Cash

Lancashire County Cricket Club is launching its first retail bond in a bid to build a new four-star hotel at its Emirates Old Trafford ground.

The offer, which it is hoped will raise £3m, would see investors have a minimum of £1,000 to invest – money that would be locked away for five years but in return for 7% interest.

The club hopes it will appeal to fans as it would deliver 5% interest in cash and a further 2% in vouchers which can be redeemed against the club’s international and domestic tickets and hospitality products, including membership fees.

While the returns seem favourable when compared to many current savings rates, with average Isa returns falling near to 1.5% according to the Moneyfacts website, the bond does not have the protection of the Financial Services Compensation Scheme.

The club said it was looking to fans of the club’s history, rather than banks, to boost its ambition, as development of the Old Trafford ground continues to help ensure its future as an international venue.

It has completed a £45m revamp of its facilities, including new hospitality, but was overlooked in 2011 to host an Ashes test match in 2015.

The new hotel would replace the existing Old Trafford Lodge , Lancashire said.

Club chief executive Daniel Gidney said: “Our vision is for Emirates Old Trafford to provide one of the best sports, entertainment and business experiences in world cricket.

“An attractive, contemporary hotel that will appeal to corporate visitors and private customers alike is central to this aim”.

Lancashire County Cricket Club honorary treasurer Les Platts added: “The funds raised by the Cricket Bond will help us realise our ambitions while making a real difference to the future of cricket in this county”.

Applications for the bond are due to close at 1pm on Monday October 27 and will be considered on a “first come, first served” basis.



 

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