YORKSHIRE are to press ahead shortly with plans to become a private limited company in order to wipe out their massive debts and raise sufficient funds to buy Headingley cricket ground from their landlords, Leeds Cricket, Football and Athletic Company.

Priority would then be given next winter to building a new North East stand on the site of the old office block and later re-development would include a new pavilion and media centre in place of the Winter Shed and a new South Stand.

This work would complete the refurbishment of Headingley and give it the most comprehensive modern facilities of any Test ground outside London.

Leeds CFAC chairman, Paul Caddick, has already expressed a willingness to sell the ground to Yorkshire and detailed negotiations about the purchase price will start soon after the county club's annual general meeting on March 29.

By early autumn, Yorkshire should be in a position to have a share issue and become a limited company - provided such intended action receives the approval of two-thirds of the membership.

Yorkshire's intentions of acquiring plc status - which could raise the club up to £8million and pay off its £4m bank loan - were confirmed today by the Management Board's finance director, Brian Bouttell.

Also today, Yorkshire members were due to receive the club's annual report and statement of accounts which show that losses soared from £50,000 in 2001 to a staggering £1,292,000 last year.

Bouttell tells members that Yorkshire have budgeted for a deficiency in the current year of £389,000. This is after charging depreciation of £467,000 which, therefore, shows a positive cash flow of £78,000.

Although the annual reports contains no specific details about Yorkshire's plan to become a plc, president Robin Smith writes: "The Board's aspirations include a new pavilion in place of the Winter Shed and ultimately a new South Stand but all these ambitions depend upon the raising of the necessary finance.

"As to that, discussions with advisers and potential investors have already taken place and members can expect to hear further from the Board as plans develop during the remainder of 2003."

Bouttell told the Evening Press: "We receive £540,000 a year from the ECB for staging a Test match at Headingley and this goes directly to capital reserves but if we have a share issue in the autumn and pay our indebtedness off then that money would go into the profit and loss account.

"The shares will be available for Yorkshire members and the public at large to buy - exactly the same as happened when Hampshire CCC became a plc. The majority of shares will probably go to a few large applicants with many smaller applicants also having a stake.

"We will be appealing to the membership and the people of Yorkshire at large for money to clear our debts and to buy out Paul Caddick as well as completing the redevelopment of Headingley.

"The club will be turned into a plc but will not be quoted on the Stock Exchange. The size of the share issue has yet to be decided but it could be between £4m-£8m."

Updated: 11:47 Wednesday, March 05, 2003