England sponsor NatWest left Lancashire Cricket Club with ‘punitive’ loan

Lancashire boss says there is limited appetite from high street banks to refinance cricket debts

Lancashire hosted the fourth Ashes Test in 2019
Lancashire hosted the fourth Ashes Test in 2019

The bailed-out lender that sponsors England’s cricket team refused to refinance a high interest loan that was crippling the finances of one of the most popular county clubs.

Lancashire County Cricket Club chief executive Daniel Gidney said he was forced to turn elsewhere after NatWest balked at the chance to restructure its debts.

538prom精品视频在线播放The club, which has revealed record profits following last year’s World Cup and Ashes series, instead struck a deal with Metro Bank for a £26m loan - halving its annual interest bill.

538prom精品视频在线播放Mr Gidney said: “We would have found it incredibly difficult to get to where we are now, what with Covid and the revenue streams dropping off a cliff."

538prom精品视频在线播放Lancashire, whose history can be traced back to 1856, sought to overhaul its finances last year. Mr Gidney said the club had been shackled to a “punitive” financial hedge from NatWest, locking it into 8pc interest payments. 

538prom精品视频在线播放NatWest - part of Royal Bank of Scotland, which was rescued with £46bn of public money during the financial crisis - was not prepared to offer a deal that would fully restructure the club’s debts. Lancashire took out a series of short-term loans to fund a major overhaul of its Old Trafford ground.

Mr Gidney said: “We wanted a 10-year term and £26m. I think those were the elements that NatWest felt that they couldn’t support us on.

“They did come up with an offer, but it was a five-year term and it wasn’t anywhere near the debt [amount]. So we wouldn’t have been able to restructure.”

Mr Gidney said that more established high street banks are wary about lending money to cricket. Many put the sport in the same bucket as football, which suffers from notoriously turbulent finances.

The Lancashire chief remains optimistic that at least some of the 2020 cricket season could be played in front of fans. 

538prom精品视频在线播放He said: “A lot of people think the stadiums can't socially distance because they’ve got 20,000 to 25,000 people, but you could have 2,000 or 3,000 people in the 20,000 seat stadium with protections in place."

A NatWest spokesman said: “We worked extremely hard alongside the club, over a long period of time, to come up with refinancing solutions. We are unable to comment further on the specifics of this case, and the refinancing discussions referenced were in 2018.  We consider the support offered at that time was appropriate given a number of different factors.”

52va我爱tvhaose01-538prom精品视频在线播放 91备用网址发布chinese-538prom精品视频在线播放 52我爱haose01在线观看-538prom精品视频在线播放 rrrrrrrrrr免费你懂得-538prom精品视频在线播放 66segui视频观看在线播放-538prom精品视频在线播放 88titlnaman88乱图-538prom精品视频在线播放 538pr0m视频我不是搬运工-538prom精品视频在线播放 538prom精品视频在线播放-538prom精品视频在线播放 538prom我们不生产搬运工-538prom精品视频在线播放 91pr备用网址chinese-538prom精品视频在线播放 88titlnam88迷情校园-538prom精品视频在线播放 92午夜理论第1000集app-538prom精品视频在线播放 caopron免费视频在线日韩-538prom精品视频在线播放 91网址chinesehome-538prom精品视频在线播放 cijilu123永不失效地址-538prom精品视频在线播放 91prno720lu在线视频-538prom精品视频在线播放 brazzers7201080-538prom精品视频在线播放 10000部拍拍拍免费视频c-538prom精品视频在线播放 idolnoana在线观看全部-538prom精品视频在线播放 chaopeng97免费的女人-538prom精品视频在线播放 china未成年xvidios-538prom精品视频在线播放 haodiaocao这里只精品-538prom精品视频在线播放 kkkk4444con免费观看-538prom精品视频在线播放 jizjizjiz日本在线观看-538prom精品视频在线播放 luluhei在线视频24小时-538prom精品视频在线播放 sepap88在线观看视频最新-538prom精品视频在线播放 sepapa888在线观看视频-538prom精品视频在线播放 sepapa999在线观看视频-538prom精品视频在线播放 sssssssssss日本免费-538prom精品视频在线播放 ww98bbeecom的新地址-538prom精品视频在线播放