Friday Legal Solicitors and Northamptonshire County Cricket Club are celebrating the raising of more than £1,000,000 in a recent share issue by a new holding Company that has been set up for supporters of the Cricket Club.
Up until now, Northamptonshire County Cricket Club has been owned by all of its season ticket holders and this membership has changed and evolved on an annual basis as member renewed their subscriptions. Friday Legal Solicitors were approached last year and, in conjunction with the Board of Directors and MacIntyre Hudson, Chartered Accountants, put together a plan of action under which supporters of the cricket club created a new holding Company which then acquired and became the sole member of Northamptonshire County Cricket Club.
This involved the creation of the new Company, the agreement of its constitution, the revision of the current constitution of the Cricket Club and, crucially and most importantly, the allotment and issue of shares to supporters of the Club in exchange for share subscriptions. The whole process has taken many months to come to fruition but, on the 25th May 2017, the current Board of the Cricket Club accepted the new investment of a sum in excess of £1,000,000 into the account of the Cricket Club and the new era of ownership commenced.
Many safeguards were built into the constitution of both the new holding Company and the Cricket Club itself to ensure that the land upon which the County Ground is situated could not be exploited for the benefit of the investors and many meetings and discussions took place with key investors and with the supporters of the Club as a whole.
Douglas Iles, Managing Partner of Friday Legal, who led the commercial process on behalf of Friday Legal said “I have been a life member of Northamptonshire County Cricket Club for many years and have been involved in the commercial operations and legal affairs of the Club for many years. I was delighted therefore to be approached to lead this transition which has produced such a major influx of funds for the Cricket Club and which will enable it to develop and progress with its plans over the coming years”.
Gavin Warren, the Chairman of Northamptonshire County Cricket Club, said “this new investment structure means that we are now more financially secure than ever before. The Cricket Club now has working capital that it can use to develop its ground, its playing team and staff and we can now move forward on a more secure footing to ensure that Northamptonshire County Cricket Club’s reputation and success on the field is more aligned to the expectations and desires of our members and supporters. Friday Legal Solicitors have been involved throughout this process and have led on the transaction, in conjunction with various key Board Members including Mike Macdonell and Godfrey Hammon and my appreciation is also extended to Mike Brown of Macintyre Hudson, whose assistance has been invaluable. First class County Cricket has been played in the County for in excess of 129 years and this evolution of the Club builds on the tremendous developments that have taken place at the ground over the last few years and, of course, the winning team that are current T20 Champions”.
Friday Legal Solicitors are regularly consulted in relation to corporate and commercial matters of this type and in their current financial year have completed on not less than 32 major corporate and commercial transactions for Clients, both locally and nationally.