Lancashire launches retail bond to fund hotel development

LANCASHIRE County Cricket Club has launched a maiden retail bond to support development of a four-star hotel its ground, Emirates Old Trafford.

The LCCC Cricket Bond is a five-year initial fixed-term bond offering 7% gross interest per annum for investments from £1,000. The club is aiming to raise £3m to help fund development of a new four-star branded hotel to replace the existing Old Trafford Lodge.

The club said interest will be made up of 5% paid in cash and 2% in Credit4Cricket Units, which can be redeemed against the Club’s international and domestic tickets and hospitality products, including food and beverage packages and also membership fees.

The last five years has seen the Old Trafford ground transformed with multi-million pound investment in new hospitality suites, stands and media centre. In its most recent results Lancashire reported record operating profits of £3.54m.

Commenting on the fund-raising plan, 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 October 27.

 

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