Lancashire CCC hits £3 million bond target for Old Trafford development

Lancashire County Cricket Club have hit a £3 million bond target which will allow them to continue their development of Old Trafford, according to the BBC.

The club will now move forward with plans to transform the Old Trafford Lodge into a new four-star hotel.

In September, the club launched the retail bond asking investors for at least £1,000, with the money being locked away for five years.

Ashley Giles was named as cricket director after their relegation to Division Two of the Championship.

Lancashire chief executive Daniel Gidney said: “Not only has this been an extremely successful business initiative, but it has enabled our supporters to play a leading role in the future of this great club,”

“We’re excited to have beaten our target for the cricket bond, which has enabled us to put investment back into the sport through the development we’re planning.”