Northants County Cricket reaches Â£1m share target in nine months
The chairman of Northamptonshire County Cricket Club says he will not be rushing out to spend money after raising Â£1 million in shares in just nine months.
It means the Wantage Road-based club, home to the T20 champions the Steelbacks, will now be run by a limited holding company.
Back at the club’s annual meeting in September plans were set in motion to raise £1 million in investments in order to trigger the constitutional change.
Shares have now been bought by 100 investors meaning the club will no longer be owned by its season ticket holders for the first time in its 139-year history.
Mr Warren said he was thrilled at meeting the target, but he added there would be no rush to spend money straight away.
He said: “The board meets next week to decide what are the next steps to take. We have got a few ideas, but the ground is already fit for purpose.”
Mr Warren said the club was in a far better position to three years ago by greatly increasing off-pitch revenue.
It now regularly sells out corporate boxes for T20 matches.
Though Companies House only shows the newly formed NCCC Holdings Limited company as having £625,000 worth of shares as of May 25, Mr Warren said the remaining shares were purchased between then and June 5.
He added that the new investors, 10 of whom were previous season ticket holders, had the club’s ‘interests at heart’.
"This is great news for Northamptonshire County Cricket Club," he said. "The response from our season ticket holders has been extremely positive with many of them purchasing shares. The investment in the club is predominantly from Northamptonshire people who have NCCC’s interests at heart.”