Glamorgan CCC agrees financial restructuring

Glamorgan County Cricket Club (GCCC) has finalised terms with existing lenders and new investors for a financial restructuring that secures its future for "a number of years".

Allied Irish Bank, Cardiff Council and former chair Paul Russell are among those to agree a restructuring of existing loans, which has included an extension to the repayment terms.

Meanwhile, an additional £1.3m has been raised from a group of new investors. GCCC has welcomed the funding, which is designed to place GCCC on a sound financial footing.

GCCC chief executive Alan Hamer said: "As with many other counties Glamorgan Cricket has faced financial challenges for a number of years, so this news is particularly welcome."

Source: http://sportsmanagement.co.uk/detail1.cfm?pagetype=detail&subject=news&codeID=299363&site=SM&dom=N