Medialease helps Yorkshire County Cricket Club finance floodlights to secure bright future hosting international cricket
In order to meet new international standards, Yorkshire Count Cricket Club (YCCC) needed to install lighting before 2018. With the help of specialist asset finance company, Medialease, YCCC sought additional finance, ultimately deciding to lease the equipment until 2018 in order to avoid extending overdraft facilities or using cash.
Headingley’s new "white rose" design floodlights are now fully operational, with testing having been completed on 24th April. The four 56-metre lights mean that international cricket will continue to be hosted in Yorkshire and opens the door to evening Twenty20 matches.
The club’s investment in new facilities has been made possible through ECB grants to support the development of the UK’s cricket facilities, providing a significant deposit to assist the purchase. However, the ECB monies are provided in blocks that do not always align with investment timelines, with additional grants not scheduled until 2018.
Media Lease specialises in the broadcast, audio-visual and live events sectors, is an existing leasing services provider to the Club and understands their commercial requirements and the type of equipment required. With their help, YCCC secured the necessary financing under the bespoke terms they were looking for from test cricket sponsor Investec Asset Finance.
“At Yorkshire we are committed to continually upgrading facilities to ensure that international cricket continues to be played in the region and that we are able to offer players and spectators the best possible experience,” says Paul Hudson, Director of Finance at Yorkshire County Cricket Club. “As with any business this sometimes requires substantial one-off investments"
“We have leased a number of different types of assets over the years, allowing us to match our outgoing payments with receiving the actual benefit of the equipment. It also means we don’t have to use our overdraft or take out a separate loan"
“In any organisation identifying the best funding arrangement based on requirements at a given point in time is vital,” says Medialease’s Paul Robson.
“If you are an organisation that receives substantial but irregular payments, asset leasing can help manage your cash flow more effectively"
“Being a Yorkshireman myself, it was a delight to work with such a great historic club once again in securing this unique deal through Investec. We work with a large number of funders and connect organisations with the most appropriate financing provider to their situation, based on our detailed knowledge of the customers’ often niche market, their own business needs and our strong relationship with banking and asset finance providers.”
Notes for editors:
• The £1.25m installation of Yorkshire County Cricket Club’s four 56-metre floodlights is now complete.
• The club decided to lease the equipment rather than borrow the money or use an overdraft.
• The £700,000 asset leasing facility, provided by Investec, means that the Club can maintain its cash flow and smooth the gaps between significant English Cricket Board (ECB) payments.
• The investment means that Headingley will be able to host Day/Night game One Day Internationals, as well as continue to host international Test cricket matches for the foreseeable future. Furthermore, it provides YCCC with the ability to host Day/Night games and draw in evening crowds.