Yorkshire eye £20m deal as Saudis wait in the wings
Yorkshire are hopeful of shaking hands on a £20million investment deal next week, with Saudi Arabia ready to pounce if talks with leading contenders stall at the 11th hour.
Sources close to conversations insist a group from India and one from the UK are nearing agreement on packages, both of which would include former chairman Colin
Graves being repaid his £15million debt.
Insiders maintain there are no direct talks with Saudi, although intermediaries with links to the state’s Public Investment Fund still have “keen interest”.
While Yorkshire are in advanced talks with other groups, the state is said to be poised and willing to agree a quick deal.
Any agreement to be finalised next week will be subject to
member approval. As well as repaying the loan, Yorkshire are looking to raise £5million to invest in the club while retaining ownership of the ground.
Fresh investment would significantly ease the pressure on a cash-strapped regime, which is heavily reliant on international matches at Headingley to keep the club afloat.
While no direct talks have taken place with Saudi, dealmakers have held dozens of discussions with potential backers across the Middle East, UK and Asia in recent weeks.
Yorkshire’s accounts warn that unless refinancing is in place soon, the club will not be able to meet their debt repayment of £500,000,
due in October to the trust owned by Graves. In December, the club appointed FRP Advisory, corporate refinancing and restructuring specialists, to attract new investment.
A 21-page document by FRP and Yorkshire circulated to potential investors, and seen by Telegraph Sport, details how the club plan to raise £15million to pay off the Graves Trust and £5million of working capital to assist Yorkshire to grow their business, including the hosting of music concerts at Headingley for the first time.
An insider close to talks said they were “hopeful” a deal would be agreed next week as the club attempt to move on from the Azeem Rafiq furore.