Lancashire Cricket work with JCRA on multi-million refinance agreement
Lancashire Cricket is pleased to report that over the last nine months, it has been working with leading international debt advisory firm JCRA. This has culminated in the Club yesterday announcing a new transformational multi-million pound refinancing arrangement that will see multiple lenders consolidated into one, Metro Bank.
JCRA was tasked by Lancashire Cricket to work on preparing the Information Memorandum about the Club and then to source potential funders. The outcome is a new refinancing agreement arranged with Metro Bank. The new arrangement will significantly reduce the Club’s current annual interest burden and align its debt repayment profile with Lancashire Cricket’s long term business plan.
The refinancing moves the Club into a new era following the development phase which was supported and funded by the previous five lenders, namely the Greater Manchester Combined Authority (GMCA), Trafford Council, Macquarie Bank, NatWest Bank and the game’s first ever Cricket Bond.
Lancashire Cricket Club Chief Executive, Daniel Gidney, said: “I would like to thank Shripal Shah and the team at JCRA for all their help and assistance throughout the process of the Club refinancing.
“The new agreement has now secured the Club’s long-term financial position which allows us make the relevant and appropriate decisions in line with our vision for cricket in the North West, and our desire to grow the sustainable commercial model.
“JCRA and their dedicated team provided us with a professional service throughout the process and we are all delighted with the outcome.”
Shripal Shah, Head of Real Estate at JCRA said: “We were delighted to pitch and win the debt advisory work with such a high profile organisation as Lancashire Cricket. The asset base at Emirates Old Trafford, now post development, has created a diverse business model that was attractive to lenders. Metro Bank is a rapidly growing Bank with clear aspirations to develop in the North West and are an ideal fit for the Club.”