LCCC launches bond for hotel build
Lancashire County Cricket Club has announced the creation of its first-ever retail bond to support the development of a four-star branded hotel to replace Old Trafford Lodge.
The Lancashire County Cricket Club Cricket Bond is a five-year initial fixed-term bond offering 7% gross interest each year for investments from £1,000. The club aims to raise £3m to help fund the hotel project.
The 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 membership fees.
Lancashire County Cricket Club's last financial year saw operating profits of £3.5m. This provides the platform for the club's next phase of development.
Daniel Gidney, chief executive of Lancashire County Cricket Club, said: "We are proud that, in our 150th year, Lancashire County Cricket Club has an enviable heritage in an iconic location with cricket in our heart but business on our mind.
"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."
Applications for the bond are due to close at 1pm on Monday 27 October 2014 and will be considered on a first come, first served basis.
