LCCC hits bond target
Lancashire County Cricket Club has raised £3m through its first-ever retail bond, to fund the development of a four-star hotel to replace Old Trafford Lodge.
The five-year initial fixed-term mini bond is offering 7% gross interest each year for investments from £1,000. The return is 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, such as food and beverage packages and also membership fees.
Daniel Gidney, chief executive at Lancashire County Cricket Club, said: "We're excited to have beaten our target for the Cricket Bond, which has enabled us to put investment back into the sport through the development we're planning at the iconic Emirates Old Trafford.
"Not only has this been an extremely successful business initiative – but it has enabled our supporters to play a leading role in the future of this great club. And there is still time for people to get involved."
Further applications for the Cricket Bond can be made until Monday 10 November.
