Hill Dickinson works with Lancashire Cricket on multi-million refinance agreement
Lancashire Cricket is delighted to have worked alongside long-term partner and leading and award-winning international commercial law firm, Hill Dickinson, as the Club announced yesterday a new transformational multi-million pound refinancing agreement that will see multiple lenders consolidated into one, with Metro Bank.
It follows on from the announcement in April that Hill Dickinson has extended its partnership with the Club for a further three years, until 2022. The law firm which delivers legal advice and strategic guidance across a full range of sectors, including; sports, financial services, technology, travel and leisure, will work closely with Lancashire Cricket on all its legal requirements over the next three years.
The new refinancing arrangement will significantly reduce the Club’s current annual interest burden and align its debt repayment profile with the long-term business plan. This comes at an exciting time for the Club as it enters the next phase of its growth following the recent announcement of strong financial results.
Lancashire Cricket Club Chief Executive, Daniel Gidney, said: “I’d like to thank Alasdair Mackinnon, the Banking partner from Hill Dickinson and Director Diana Syziu from his team who managed what was a complex transaction from start to finish.
“Providing guidance throughout the refinance process and supporting the Club from a risk perspective on an agreement has now secured the Club’s long-term financial position. Going from five lenders to one and at one point liaising with six different law firms, the Hill Dickinson team closed out the refinancing in just nine weeks.”
Alasdair Mackinnon said: “We were delighted to support the Club with this transformational agreement and for Hill Dickinson to lead the management of the transaction. The Club has been able to significantly simplify its existing finance and security arrangements, putting it on a strong footing to maximise the upcoming opportunities.
“We’re looking forward to continuing working with our partner, Lancashire Cricket, over an exciting summer which sees Emirates Old Trafford host six ICC Cricket World Cup matches and an Ashes Test in 2019, and over the next few years.”