Colin Graves set for Yorkshire return as board accepts financial bail-out،
Colin Graves' return to Yorkshire chairmanship is expected to be ratified next month, after the club's board approved a restructured loan deal from the consortium he leads.
The prospect of Graves returning to the role he held between 2012 and 2015 comes after Yorkshire claimed this week they had spoken to more than 350 interested parties but that his offer was the only one capable of avoiding peril financial situation facing the group. the club following the racism crisis which has engulfed it in recent seasons.
In a statement, the club said: “The Board of Directors of Yorkshire County Cricket Club have this evening agreed to recommend the loan agreement of Mr Colin Graves.” This is expected to involve an immediate injection of £1 million, followed by further investment worth £4 million.
“The club will send a notice to members tomorrow [Thursday, 11 January] before an EGM [extraordinary general meeting] which will describe the details of the offer as well as the resolutions and rule changes that must be ratified by the members at the EGM.
Graves' impending return is controversial, given he was at the helm for part of the period that was examined during Azeem Rafiq's testimony about his racist experiences at the club, for which Yorkshire were fined fined £400,000 and points for the 2023 season.
Despite denying any knowledge of racism under his leadership, Graves was criticized last year by the ECB for suggesting some of the incidents discussed were “jokes”.
His involvement in Yorkshire began in 2002 when, as founder of the Costcutter supermarket chain, he stepped in with another financial rescue package to save the club from bankruptcy. In March it was announced that the club was short £3.5 million and had to repay around £14.9 million to the Graves Family Trust, which is managed by independent trustees.
Speaking to talkSPORT on Tuesday, Graves said: “The ball is in the Yorkshire board's court to make a decision, but my interest is real. It's absolute, and it's for one and only reason, and that is to save Yorkshire County Cricket Club. . None of us want to see this institution disappear.”
Other potential sources of investment included Mike Ashley, the former owner of Newcastle United, and the Saudi National Investment Fund.
Write in The observer On Sunday, Rafiq criticized the “broken promises” that had paved the way for Graves' return and called on the club's sponsors to reconsider their involvement – as had been the case when the scandal broke in November 2021, when a series of partners including Emerald, Adidas and Yorkshire Tea have all withdrawn their support. One of the current sponsors, local tile company Al Murad, is said to be monitoring the situation closely.
The development also drew criticism from a local MP. Alex Sobel, Labor MP for Leeds North West, said he was “very concerned” about Graves' return and asked him to come up with “not just a statement renouncing his views, but a total commitment to creating a club for l 'entire community'.
