Lancashire CCC launches innovative way to raise funds for Old Trafford hotel project
Lancashire County Cricket Club (LCCC) has launched a new retail bond in the hope of raising £3m to build a new hotel at its Old Trafford ground in Manchester.
Investors are being invited to put money into a five-year initial fixed-term bond offering 7 per cent gross interest per annum for investments from £1,000.
The interest will be made up of 5 per cent paid in cash and 2 per cent in Credit4Cricket vouchers, which can be redeemed against the international tickets and hospitality products at LCCC, including food and beverage packages and membership fees.
While the returns are higher than the average rate on a savings account, the LCCC scheme is not protected by the Financial Services Compensation Scheme – a safety net that protects the first £85,000 of savings.
According to LCCC chief executive Daniel Gidney, the initiative is part of the club’s plans to develop Old Trafford into a world-leading cricketing venue.
“Our vision is for Emirates Old Trafford to provide one of the best sports, entertainment and business experiences in world cricket,” he said.
“We are looking to develop an attractive, contemporary hotel that will appeal to corporate visitors and private customers alike is central to this aim.”
• LCCC isn’t the first sport organisation or company looking to raise funds by issuing a bond. Last year, the Jockey Club unveiled a Racecourse Bond in order to fund a grandstand development at the group's Cheltenham Racecourse.
UAE’s first Dior Spa debuts in Dubai at Dorchester Collection’s newest hotel, The Lana
Europe's premier Evian Spa unveiled at Hôtel Royal in France
Clinique La Prairie unveils health resort in China after two-year project
GoCo Health Innovation City in Sweden plans to lead the world in delivering wellness and new science
Four Seasons announces luxury wellness resort and residences at Amaala
Aman sister brand Janu debuts in Tokyo with four-floor urban wellness retreat
€38m geothermal spa and leisure centre to revitalise Croatian city of Bjelovar
Two Santani eco-friendly wellness resorts coming to Oman, partnered with Omran Group
Kerzner shows confidence in its Siro wellness hotel concept, revealing plans to open 100
Ritz-Carlton, Portland unveils skyline spa inspired by unfolding petals of a rose
Rogers Stirk Harbour & Partners are just one of the names behind The Emory hotel London and Surrenne private members club
Peninsula Hot Springs unveils AUS$11.7m sister site in Australian outback
IWBI creates WELL for residential programme to inspire healthy living environments
Conrad Orlando unveils water-inspired spa oasis amid billion-dollar Evermore Resort complex
Studio A+ realises striking urban hot springs retreat in China's Shanxi Province
Populous reveals plans for major e-sports arena in Saudi Arabia
Wake The Tiger launches new 1,000sq m expansion
Othership CEO envisions its urban bathhouses in every city in North America
Merlin teams up with Hasbro and Lego to create Peppa Pig experiences
SHA Wellness unveils highly-anticipated Mexico outpost
One&Only One Za’abeel opens in Dubai featuring striking design by Nikken Sekkei
Luxury spa hotel, Calcot Manor, creates new Grain Store health club
'World's largest' indoor ski centre by 10 Design slated to open in 2025
Murrayshall Country Estate awarded planning permission for multi-million-pound spa and leisure centre
Aman's Janu hotel by Pelli Clarke & Partners will have 4,000sq m of wellness space
Therme Group confirms Incheon Golden Harbor location for South Korean wellbeing resort
Universal Studios eyes the UK for first European resort
King of Bhutan unveils masterplan for Mindfulness City, designed by BIG, Arup and Cistri
Rural locations are the next frontier for expansion for the health club sector
Tonik Associates designs new suburban model for high-end Third Space health and wellness club
Bionic leaves, breathable metals and selfgrowing bricks... Biomimicry in architecture has come a long way. Christopher DeWolf takes a look at the latest advances
From climate change to resource scarcity, Exploration Architecture uses biomimicry to address some of the world’s major challenges. Its founder tells us how