Colin Graves: From £25m in Debt to £15m in the Bank: How The Hundred Saved Yorkshire (Ep126)

30 Jun 2026 · 1 h · 26 chapters

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In short

Colin Graves discusses the financial and audience challenges facing English cricket, and how Yorkshire County Cricket Club used its stake sale in The Hundred to pay down debt and fund a 10-year redevelopment plan, including possible demutualisation.

Guest backgrounds

Colin Graves is a long-time cricket administrator, having chaired the ECB and serving as chair of Yorkshire (re-elected in 2024). He first became involved with Yorkshire in 2002 during an earlier financial crisis, and returned in 2024 when debts again rose.

Key claims

Test cricket’s 5th day is often financially negative; he advocates changing Tests to four days. The Hundred was designed to attract new audiences (families, women, children) and inject investment; he says selling all Hundred teams would total nearly £1bn, and Yorkshire used the proceeds to eliminate £25m debt (down to £15m in 2020 before rising again). He argues members clubs are hard to invest in, so demutualisation is needed to fund Headingley upgrades and secure future Test allocations.

Notable examples

Yorkshire’s 2020–21 racism scandal and related costs; Ashes Test matches where Yorkshire still lost money; Northern Superchargers auction at £100.5m; Headingley’s redevelopment needs to support hospitality and generate ~£3m net profit/year if Test matches are allocated.

Written by AI. May contain mistakes. Listen to the episode to check what was said.

Chapters

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Introduction to Yorkshire Cricket's Challenges

0:00 to 1:09

Learn about the financial struggles and future vision for Yorkshire cricket.

“We could sit there and do nothing, not being unkind.”

Introduction to Yorkshire Cricket's Challenges

2:13 to 4:03

Learn about the financial struggles and future vision for Yorkshire cricket.

“from SaaS and marketplaces to some of the most ambitious organisations in sport including McLaren Racing, Arsenal and the San Francisco Giants.”

The State of Cricket and Audience Engagement

4:06 to 9:14

Colin Graves discusses the evolving landscape of cricket and audience preferences.

“are getting everything they need to win the transfer market all in one place.”

The Case for Four-Day Test Matches

9:14 to 11:48

Explore Colin's perspective on reducing Test matches to four days for better engagement.

“So that at that point in time wasn't paramount.”

The Birth of The Hundred and Its Objectives

11:48 to 13:58

Learn about the inception of The Hundred and its goals to revitalize cricket.

“where the guys would go out on a Friday night or over a weekend with the mates and guys from work.”

The Origin of The Hundred

14:00 to 14:48

Learn about the inception and approval process of The Hundred cricket format.

“conflict with other formats what were the reasons?”

Challenges of Introducing a New Format

14:48 to 16:30

Discover the hurdles faced in introducing The Hundred and its distinct features.

“Well, the idea when he presented it to us, I'll never forget it, we were in Spain.”

Changing Attitudes Towards Cricket

16:30 to 18:23

Understand how traditional cricket supporters perceive The Hundred and the new audience it attracts.

“We all said, well, how does that fit in with the averages?”

Financial Impact of The Hundred

18:23 to 19:46

Examine the financial benefits The Hundred has brought to cricket and Yorkshire County.

“So to get 49 % in of 500 million pounds, without that, to be honest, that saved the game, certainly for the next 10 years.”

Managing Financial Growth and Expenses

19:46 to 21:48

Learn about the financial strategies necessary to sustain growth within the cricket industry.

“clubs to look up what they've got what they want to do how they want to use that um the big my big fear going forward is that we don't have a wage inflation because of the money that's come into the game.”
Show all 26 chapters

Ensuring Fairness Among Counties

21:48 to 23:35

Discover how the financial benefits from The Hundred were shared among all counties.

“How important and difficult was it in those first stages where creating the business plan, you incentivized 18 counties, not just eight who had a franchise attached to them?”

Yorkshire's Journey from Debt to Stability

23:35 to 27:34

Follow Yorkshire's financial recovery journey through strategic decisions and investments.

Demutualization and Future Plans

27:34 to 28:00

Understand the implications of demutualization for Yorkshire and its future plans.

“We had some money to invest in facilities in the ground.”

Yorkshire's Financial Transformation and 10-Year Plan

28:00 to 31:30

Learn about Yorkshire's financial turnaround and their ambitious plans for the future.

“It was nice to be able to say, we're in a good position.”

Demutualization Explained

31:30 to 34:04

Understand the concept of demutualization and its significance for Yorkshire's future.

“Because it's been talked about for a couple of years, if I'm correct, right?”

Challenges of Test Match Allocations

34:04 to 36:00

Explore the impact of test match allocations on Yorkshire and English cricket.

“Your next year, 2027, we haven't got an Ashes Test match in the north of England, which I think is criminal to be honest.”

The Need for Infrastructure Investment

36:00 to 41:30

Discuss the necessity of infrastructure investment for the future of cricket in Yorkshire.

“To buy into the club as a private entity.”

Historical Context and Changing Expectations

41:30 to 42:00

Examine how changing consumer expectations have altered the landscape of cricket facilities.

“Rob Bransgrove did a fantastic job at Hampshire.”

Changing Expectations in Cricket Investments

42:00 to 44:18

Learn how audience expectations for cricket venues have evolved over the decades.

“compared to what makes it challenging now.”

The Structure and Future of County Cricket

44:19 to 47:17

Discover proposed changes to the county cricket structure to foster better competition.

“So I'd play the one day competition then, play the blast as it is now in the middle of the summer.”

Overcoming Financial and Cultural Challenges

47:18 to 50:34

Understand the efforts to rebuild Yorkshire cricket's brand post-scandal and its implications.

“Now, a lot of counties are lucky if you get 2 ,000 or 3 ,000 people turn up to watch a county match.”

Pathways for Youth in Cricket

50:35 to 52:58

Explore initiatives to engage younger audiences and improve access to cricket.

“But are they really interested in cricket or do they just want somebody to look after their kids for two or three hours while they go shopping or do all the other things?”

Reflections on Leadership in Cricket

52:59 to 55:11

Gain insights on leadership's role in cricket's evolution and future challenges.

“well when I look back I took over in 2015 and I left in September 2020, five and a half years basically.”

Passion for Yorkshire Cricket

56:01 to 56:47

Colin shares his deep connection and commitment to Yorkshire cricket.

Reflections on the Game's Future

56:47 to 57:30

Discussion on the realities and future of domestic cricket in England.

“But there are also realities to acknowledge and a future that ensures the longevity of this format of the game and its key contributors to aspire to.”

Reflections on the Game's Future

57:45 to 59:26

Discussion on the realities and future of domestic cricket in England.

“Airwallex gives you one clean way through it.”
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Transcript

Automatic transcript. May contain errors.

0:00We could sit there and do nothing, not being unkind. I could put my coat on, walk out the door and say, right, I've sorted it all out, you've got 15 million quid in the bank, everything's hunky-dory, and walk away from it. I don't want to do that, I want to finish the mission, what I started in 2002, but this is for the good of Yorkshire cricket for the next 50 years. That's why we do it. Don't be fearful of demutualisation, you've been a members club for 160 odd years, but as a members club, we've virtually nearly gone bankrupt twice. I would change test match cricket to four days, the fifth day in a test match.

0:29Everybody loses money. The ground loses money. The broadcaster loses money. It's no good for anybody. We created the 100 where we believe that would be an attractive investment for investors. The total investment for the 100 % if you sold every team, it was nearly a billion pound. Without that, to be honest, that saved the game, certainly for the next 10 years. I went back to Yorkshire in February 2024 and the debts had spiralled up to 25 million again. They even had an Ashes Test match during that time and they still lost money. I still can't get my head around that. If you have an Ashes Test match, you should make between£3 and£5 million net profit.

1:03Full stop.

1:09Hello and welcome to The Business of Sport, the show that takes you behind the scenes with the industry's leading owners, operators and athletes. County cricket, this is long overdue. And if we wanted to do this properly, then there was really only one place to start. So I'm delighted to welcome Colin Graves to the show. Colin has held positions at the top of international and domestic cricket as chair of the ECB and at Yorkshire, a role he was re-elected to in 2024 as the club faces some of the biggest decisions in its storied history. The stark reality is that county cricket needs to make more money, attract more fans, produce more content, open itself to new investment.

1:44The problem is that there are issues at both a macro and a micro level that stop much of that from happening. Private versus member ownership, calendar positioning, fiscal management. how do counties create a business that does more than just survive? This is a compelling take from a man who knows what he's talking about and recognising this is highly emotive to many of you who will be listening. I look forward to hearing your thoughts on it and we're delighted to welcome Colin to The Business of Sport. The Business of Sport is supported by Airwallex, the intelligent financial platform used by more than 200 ,000 modern businesses from SaaS and marketplaces to some of the most ambitious organisations in sport including McLaren Racing, Arsenal and the San Francisco Giants.

2:25The off-pitch problem is simple. Your supporters, sponsors and partners are everywhere but the money that connects them is still stuck in slow expensive systems, wire transfers that take days, fees that quietly eat into revenue and clunky processes that make simple things feel hard. Airwallex gives you one clean way through it. A single platform to open local accounts in key markets, collect payments from supporters in their own currency, CFX in real time and pay out fast. from backroom staff to agencies and suppliers. If you're growing the business side of a sports organisation or any global business with the same problem, Airwallex helps you stop losing time and margin to the legacy banking system and move money at the speed your sport moves.

3:05Clubs are spending more money than ever hiring analysts, buying information, building dashboards and subscribing to scouting report apps. But none of that matters if it's not talking to each other, not accessible by the full team. How many times this week have you been in a meeting, needed information about a player and had to text three people to get it. Your scouts filed reports and email, your analysts have information on their dashboards, your contracts are in PDFs scattered across shared drives. Everything you need to make decisions exists somewhere, just not in one place. Most sporting directors are spending hours every week hunting for information that should be at their fingertips.

3:38Gemini changes that. It's the mobile first command center that brings everything together. Scout reports, intel, performance information, and now contract intelligence with full budget impact analysis. Drag and drop any contract PDF. The AI automatically extracts salaries, bonuses, sell-on clauses, and projects live financial impact as you evaluate players. See the complete picture. Make better decisions faster from anywhere. Learn more at geminisports.ai and why major clubs across three continents are getting everything they need to win the transfer market all in one place. colin welcome to the business of sports really great to have you in the studio yeah thanks for the invitation and uh looking forward to the chat well me too i you know i know i'm the one that's meant to be hosting this but you know how on earth do we even begin to look at cricket at the moment it is a chaotic landscape uh really from from top to bottom you are in position at yorkshire as chair at the moment tell us a little bit just to give some of the context of the challenges that you're facing?

4:40Yeah, basically, I've been in professional cricket now since 2002 when I first got involved with Yorkshire when they were in financial distress for the first time. And then I got back involved with Yorkshire two years ago, 2024, when again they were in the second financial distress. So that's how I come back involved with them. And yeah, really, I think cricket is an interesting place at the present time. I think there's some massive challenges ahead at all levels in cricket, international cricket, county cricket, one day cricket, whatever you look at it, I think there's going to be a lot of challenges in the next 10 years and I think the whole game has got to look at that very seriously and how we handle that going forward because the way people are digesting cricket and following cricket and watching cricket is changing rapidly and you've only got to look at even test matches in India.

5:35The audiences of test matches in India is dropping. People don't realise that. So we're fortunate in England that test matches, we still sell out grounds when we do have England international matches, which is great. But that might not last forever. That could change if the audience's views and demands change in the future. I didn't realise that test matches were declining in India. That's pretty interesting. Do you think we're in an era of too much? I think the problem that we've got in cricket, you can say it's a problem and you can say it's an opportunity, but I think the audiences, the older audiences, the older audiences like Test Match cricket.

6:17They've been brought up on Test Match cricket. The younger audiences, different lifestyle, different demands. Like one day cricket, you have a result one way or another. It's quick, it's fast, it's entertaining. The younger audiences find test matches very boring. So if you look at the audience at test matches and then compare that with the audience, especially at 100 match, totally different audience altogether. Would you say 32 is young? From where I'm sitting today, yeah. Okay. So I was having a conversation actually with someone yesterday. So I love test match cricket, but I've still, even at 32, I've grown up with it being the primary part of cricket probably for those formative years.

7:01I was watching Tess. If you're talking about the birth or the real birth of franchise cricket from 2007 IPL onwards, it was the moments in the 05 ashes for someone around my generation. But now what we'll start to see very quickly is the first part of the generation that have grown up with the IPL being one of the first things they've watched, with the short form games being one of the first things they've watched. It'll be really interesting to see how they prioritise and want to consume and participate in cricket. And that's the challenge we've got in cricket for the next 10 years, is how do we handle that change?

7:34How do we keep the interest watching Test Match cricket from that younger generation at 32 or even younger? And that is a challenge we've all got. And what would you do? I think the main thing I would do, and I said this 10 years ago, maybe I was ahead of my time, I would change Test Match cricket to four-day from five-day. I think five days is far too long anyway. not many go to five days when you look at it no particularly in england yeah exactly so if you look at four day test match cricket you play 90 overs a day you start at 10 13 in the morning and you make it more um watchable and attractive from a younger generation's point of view so from that point of view i would change it and i think the other thing that we've got to look at in test matches is who's going to play test match cricket going forward because you've seen it over the last two months.

8:26You had New Zealand playing Ireland and you had India playing Afghanistan. Both of those finished within three days and were won by an innings and a lot of runs from a top quality Test match team to a relatively new Test match team. So how many teams are going to be playing Test match cricket in 10 years time? I don't think we'll have as many as we have today because what's the point of playing test match cricket if you've got nobody watching it and you're losing money on staging it so i think all those challenges have got to come through icc and all the countries who play test match cricket and it's about creating the product for the fans but it's also about creating the product that makes sense for business as well because if you have a fifth day that virtually never gets played but you're still selling tickets you're still bringing in all of the food and beverage etc the staffing that you're putting on for a fifth day the fifth day in a test match everybody loses money the ground loses money the broadcaster loses money it's no good for anybody it's the fifth day when you do have a fifth day you virtually let the crowd in for nothing at 10 pound a ticket or something like that just to make sure that you try and fill the ground as much as possible because you never pre-sell the fifth day anyway so from that point of view the fifth day financially is a negative okay so you say you brought that up 10 years ago we joke a lot on the show about the challenge of big change in sports that we would class as traditional if you get pushback like that if things don't change off the back of it is it because there is just a resilience to doing things is it because there's a challenge and shifting the mentality that something that has always been should always be i think there's a time and a place for change and you know when i brought it up 10 years ago we had other challenges at the ECB and within English cricket.

10:14So that at that point in time wasn't paramount. The big change that we looked at then was the 100 of how to bring in a new tournament to attract a new audience which we did all the research and we found that we had a million people each year that watched cricket in one format another. Problem is it was the same million people that just got churned around every year so we weren't attracting new audiences so when we went out and did the research we found out that we didn't have families we didn't have women we didn't have children and we asked the question why aren't you watching cricket and it came back goes on too long difficult to understand the scoreboard etc etc etc so when we came out with a hundred we came out with a a new game that was easy to understand short to format finished in two and a half hours could understand it 100 balls runs wickets and the conversation that's all you need to understand about it and the other big thing we did we got it back on terrestrial television and which helped a hell of a lot with BBC so that was a challenge at the time of how do you attract that new audience and to increase the audience which we did it and we got it through and we succeeded.

11:31What were the responses of the individuals that you spoke to in that type of survey as to why maybe something like the Blast wasn't servicing them in the way the 100 has been able to? Because I think the Blast, it sounds horrible saying this, but it's fact, I think the Blast turned into a male social event where the guys would go out on a Friday night or over a weekend with the mates and guys from work. so it turned into a very social male dominated event not a family event and that's where we lost out on the blast as it was and still is to be honest okay let's talk into the hundred you brought it up and so let's let's have a run with it it's integral to a lot of the stuff that we'll probably link in to the conversation there is the fan product element that you've highlighted now it's easy to say there's also been a very strong business element when you set out how did you position both of those two together was the objective early on to recognize this was a really good chance to inject some much needed capital back into English cricket if it worked yeah it was one of the first things we always said that what the game needed was investment coming into the game and it's it's still there that is still a challenge certainly at county level so from that point of view we created the hundred where we believe that would be an attractive investment for investors to look at it in the future.

12:52How long that would take, we didn't know at that point in time, but we knew it would be attractive to investors. And I remember standing up when we got it through and we launched it, and I said then, in five years' time, we could have investors from India, America, and all the rest of it to look at investing in the hundred. And people laughed at me and said, you must be joking, that's never going to happen. Indians are never going to invest in in the 100 in england and i got slated for you know getting the 100 on the table and coming through but that was our vision in 2017 that was our vision for the 100 how important was it to not sell it at the beginning so you create a new tournament and have investors in from day one how important was it to prove there was value in that product yeah it was very important there's there's no way we won't ever wanted to do that the the plan was always to run it for five years get the audience get the figures get everything up and running get the broadcaster behind us which we did with Sky they've been brilliant and so that was always the plan was five ten years to have something that you can take to market whatever format that looked like.

13:57And for those that challenged it was it the fact that there was already so much cricket they didn't want it to conflict with other formats what were the reasons? Well I think the ones who challenged it virtually were in a very comfortable position with their own clubs and counties. They were profitable, they were successful on the field, they had a good business behind them. So they saw no need to bring anything else to the table. They were happy with what happened. But it was the other counties who were saying, hold on a minute, we need something new, we need something to bring more investment into the game, to bring more capital into the game.

14:33How do we do it? so you know took us two and a half years to get it through but we got there in the end when you say get it through do you mean two and a half years just from idea to approval where you can then go right okay we're going to create the teams start selling the product exactly it was two and a half years from the initial idea which sanjay patel brought to the table with andrew strauss tom harrison and myself sat us down and told us about this idea of the hundred to when we actually got the counties to vote for it because he had to take it to the stakeholders to get it through and get them i think it was 75 majority which we achieved and that was a two and a half year timescale of constantly talking to the stakeholders talking to them to update them where we were all the ideas we were having and we had meeting after meeting after meeting to get over the line So do you think it was literally like Sanjay one day was just like, this is, I've had an idea.

15:30Well, the idea when he presented it to us, I'll never forget it, we were in Spain. We went to look at Desert Springs to look at, do we buy a ground in Desert Springs for going across there in winter? That was where we started off. And Sanjay said, right, Saturday morning, I want to see you at 10 o 'clock. I've got an idea I want to throw at you three. and he got a room in the hotel he presented this new idea of the 100 to us i'll never get we all looked at each other and said really how does that work and slowly bit by bit for three months he then virtually put some flesh on the bones of what it looked like and how it would work etc and yeah we all signed into it very quickly in that first conversation was there a change in format yes i.e.

16:18shorter overs. Yes. It was. Okay, so wow. So right from the word go, that was a key driver. From day one, it was 100 balls. And it was not six ball overs from day one. That never changed. I can imagine you guys sitting there going, We all said, well, how does that fit in with the averages? How does that fit in with your career record and all that sort of stuff, et cetera, which is, that's the first thing a cricketer thinks about. And he said, don't worry about all that. We'll get all that sorted, et cetera. and we'll make it work and we'll fit it in with MCC laws and regulations, et cetera. And yeah, we did all that.

16:52But yeah, he never changed it from day one. Okay, so you get it through. We now see the real value of it. We see it being a really good product where if you're a cricketing purist, you still get people pushing back on it. I still have them. And then generally most of them, do you know what's interesting? I say, have you been? No. So, well, go and experience it because fine, it may not be what you've grown up with, but it's an amazing atmosphere. and I said it on something the other week I was at a blast game 24th of May you know one of the the first ones virtually no one there yeah apart from the MCC members yeah sitting in their area virtually no one there yeah and last year going to some of the 100 games it was great really good well that's one thing that we have seen change is that they do like the shorter format they don't like it going on for too long that new audience has arrived the families the women the children etc and the old we used to call them pale male and stale traditional cricket supporters are not there because they've never even looked at a lot of them.

17:55I don't like it. The first reaction is I don't like it. Why don't you like it? Well, it's not cricket, is it? That's the first reaction you get from a traditional cricket supporter. It's not cricket. It's not proper cricket. Of course, it's cricket. No, it's not. So that's the thing which we always said from Square One, traditional cricket members we believe will not go and watch the 100 and we've proved that and you don't care because really what we're looking at doing is broadening the whole point of this was to broaden yeah the reach of the game yeah and it's it's worked yeah so products worked tell us how important it's been financially well again financially if you look at the figures that were brought in last year surprised everybody surprised me so you know it was incredible when you look at, if you like, the total investment for the 100 % if you sold every team, it was nearly a billion pounds, which is phenomenal.

18:47So to get 49 % in of 500 million pounds, without that, to be honest, that saved the game, certainly for the next 10 years. What we've got to do is make sure, and the game's got to do it, as well as the governing body, we've got to make sure we don't waste it. we look at how we use that and majority like we have at yorkshire firstly we paid down our debt it's allowed us to pay down all our debt so we have no debt now that saves us one and a half million pounds interest per year so the investment that's come into the game through the hundred is phenomenal yeah you would not have got that from any other angle shape or format so from that point view it's been a savior it's given more money to the recreational game because 10 of everything that came in was always designated to go to the recreational game so that's going to help the recreational game over the next 10 years so it's been a godsend to be honest so it's allowed the clubs to look up what they've got what they want to do how they want to use that um the big my big fear going forward is that we don't have a wage inflation because of the money that's come into the game.

20:00And I think that's got to be handled and managed properly. But if we're looking at the biggest challenge, for example, that EFL's had with the Premier League trying to get more money off this, because the Premier League will say, yeah, but if we give more money, it's just going to get put on wages. It's not going to be siphoned off for the things that are going to help you develop as a business, which is always a fair comeback, but ironic because they spend equally lavishly on exactly the same things. To stop that from happening here when you have a chance to do that before it's actually got going, how was that money segmented?

20:30What has been classed as a good investment and what has been classed as you're not allowed to use that money? Well, the ECB has put in some controls now that for you to access your share of the 49%, you've got to give a business plan to the ECB of how you're going to spend your money. are you going to pay down debt are you going to invest in a newsstand are you going to do this are you going to do that etc and the one thing about cricket at the present time we have got a salary cap so that controls the salary cap of the county as a whole which is good um but i'm sure the pca is going to be knocking on the door going forward and saying hold on a minute you've got a lot more money we need a bit more of it which i understand that no issues with that provided it don't rock it and go out with the stratosphere basically.

21:18But also provided you make more money, right? Yeah, because that's another thing. Just because you get a lot more money coming in, it doesn't mean to say you're going to make more money at the bottom line going forward if you don't spend it wisely. Your operating costs can soon shoot through the roof if you're not careful and saying, yeah, I'll have this body, I'll have that body, I'll do this, I'll do that. And by the time you're finished, you end up losing money. So you've got to be very, very, very careful with your business plan of how you're going to run the club and the county going forward.

21:47Yeah. How important and difficult was it in those first stages where creating the business plan, you incentivized 18 counties, not just eight who had a franchise attached to them? Because that as a challenge, I'd imagine, was probably one of the hardest to do to ensure that those that didn't have it also benefited financially. Well, how we structured it going forward, and this is one thing which I was always a firm believer, was we said to all the counties, all 18, plus MCC, so there was 19 shareholders, we said with this new tournament, we would guarantee you a lump sum every year from this new tournament, which off the top of my head I think is one and a half million a year.

22:29would guarantee you that extra money. And that swayed a lot of them straight away because you were giving them one and a half million unfettered per year in their income streams. That convinced a lot of them. And can we just put that into context? Because again, I think in sport, we often get pretty careless with our numbers and money suddenly doesn't mean a huge amount. I mean, one and a half million for a lot of the counties is a huge amount of money, right? we're talking about big levels of it was saving grace for about six of them to be honest because they were so close to you know going under some to be honest so yeah that that was a big incentive for a lot of the others in the middle um it was nice to have for the big ones at the top it didn't matter because one and a half million to ones who were doing 20 30 40 million pounds revenue per year it didn't really matter uh it was nice to have but it wasn't the be-all and end-all so yeah we pitched it what we thought was right to make it attractive for the counties to vote for it and to help them survive in the future okay can we then use this as a seamless transition into yorkshire and how you have uniquely in the context of the other counties approached the sales process, selling 100 % of your stake, and identified that cash and recognized how you can put it most to use to secure the future as far as you can of the county, which, as you said to me just before, was absolutely essential.

24:02Yeah, we looked at it. I went back to Yorkshire in February 2024, and the debts had spiraled up to£25 million pounds again they got it down to 15 million in 2020 so in four years it has spiraled by 10 million pounds of the debt how good question um mismanagement cost of the racism scandal that fell on yorkshire in 2020 21 that cost yorkshire a hell of a lot of money on legal fees compensation for people who got made redundant and lost the jobs there was a lot of poor decisions made in yorkshire over those two three years which cost the county a lot of money they even had a an ashes test match during that time and they still lost money that i still can't get mad around that and historically that wouldn't have been the case if you have an ashes test match you should make between three and five million pounds net profit a year full stop Yorkshire and Ash's test match in 23 I think it was and they lost three million pounds so that's that's the poor decisions that were made running the club so when I went back there we had debts of 25 million pounds so when the idea of selling stakes in the 100 came along as I said that was always our intention when we launched it then yes it was it was like a saviour to us at Yorkshire County Cricket Club.

25:38So we looked at it and we thought what kind of value are we going to get when we started this process off with RAINN and with ECB and people were talking about the most you're going to get for 100 % is going to be 20-30 million. Really? If you're lucky. On a good day you might get 20-30 million so we looked at it and said fine that's great if we have our 51 % then that'll give us 10 million so we'll be able to knock that off the debt so we're in a better position so that's where we started off in December 24. Sandi and myself looked at it and then we got the board together and said right this is possibly where we can go if we get those kind of figures and all the board were that were the same idea if we can get an opportunity to get income coming in at that kind of level we've never had it before in Yorkshire it'll get us out the mire that we are in so we took the decision then before we knew the final figures that we would sell our 51 % stake so we went along with that the board were happy with that we're all going in the right direction and of course then you know the whole process started and the figures just kept going up and up and up and I'll never forget the day when the auction happened for Northern Superchargers.

26:58I was in Barbados, funnily enough, on holiday and Sanjay was over in the UK. I got up at four o 'clock in the morning to go through the whole process and when we ended up at 100.5 million for the Northern Superchargers, I think we just pinched ourselves and just said this is unbelievable because the one thing it gave us was it gave us financial stability because we sold our full 51 percent nobody else did and we did that for two reasons one is allowed us to pay our debt off the 25 million so that went overnight saved us one and a half million pounds interest operating costs and it gave us some money to putting the bank behind us we've never been in that position before ever in 165 years so So we were able to bring our creditors up today, which again, they hadn't been able to do that for the last four years.

27:54Everybody got paid up today. We had some money to invest in facilities in the ground. The groundsman got a new lawnmower and everything else that he needed. All that. It was nice to be able to say, we're in a good position. And that's where we are now, where we sat there. We've got 15 million pounds as an investments, which we've set up as an investment company underneath as a subsidiary within the club. And we're now looking at it and saying, right, what do we need for the future? And that's where we've launched our 10-year plan. And this is what it's allowed us to do. If we haven't had done that, we couldn't have been where we are today.

28:30So we've now launched a 10-year plan of what Yorkshire and Headingley could look like, should look like, but how do we get there? Because to do all that, we need£100 million. pounds so is this right i'm going to open the uh the box of demutualization and allow you to give a little bit of an explanation before i botch it yeah i think the big thing about demutualization and a lot of people uh and i've been talking to the members over the last 12 months about this is don't be fearful of demutualization you've been a members club for 160 odd years 170 years and we are where we are today as a members club but as a members club we've virtually nearly gone bankrupt twice because the one thing with members clubs is very difficult if not impossible to get investment into a members club and the members are not the kind of members who can put their hand in the pocket and find your 30 million pounds overnight like you do if you're an MCC member so you can't compare it with that so as a members club you're limited to what you can borrow and And therefore, if you want to invest in the ground, which we need to do at Headingley, it's okay as it is.

29:45But the vision for the next 10 years is what can it be? And this is what we're saying to the members. Look to the future, not where you are today. Do you want Headingley to be a 25 ,000, all-seater, brand-new stadium, new facilities, new changing rooms, new hospitality, new entrance, all singing, all dancing ground that will compete with anybody in the world. And you as members would have access to all that. We're going to take nothing away from you whatsoever. Nothing. So all your rights as a member will be protected. In fact, going forward, we'll even give you shares in the new company. So there's an upside.

30:25So from that point of view, what we're saying to you as a member is we're taking nothing away from you. We're going to give you shares in the new company and we're going to make sure that we get this investment into the club to protect both the ground and the club for the future. And if we do that, then Yorkshire should remain at the top of the tree, both on the pitch and off the pitch. And that's the message we're putting across to the members of why we need to do it. We could sit there and do nothing. I'm not being unkind. I could put my coat on, walk out the door and say, right i've sorted it all out you've got 15 million quid in the bank everything's hunky dory and walk away from it i don't want to do that i've got i want to finish the mission what i started in 2002 so that's one of the things i want to do but i'm doing it for the good of the membership going forward i'm not doing it for the good of me because i don't make anything out of it i don't want to make anything out of it but this is for the good of yorkshire cricket for the next 50 years and that's why we're doing it.

31:29And how has the process gone so far? Because it's been talked about for a couple of years, if I'm correct, right? So how's it going with the members and their understanding of this and the recognition that it's actually so closely tied to the future of the club? Yeah, we started this off a year ago around about the time we were selling the 100 stake. And so we started talking to members then about the future and what we need to do. We launched our 10-year strategy in April this year. Sanjay put together a presentation for our members and we had 200 odd members who came to Headingley and we presented them our 10-year strategy of what Yorkshire could and should look like.

32:13And then we followed that through at the AGM in May about talking about demutalisation and what it would look like and how it would evolve. so we've started the process off we're talking to the FCA to make sure we do everything legal and properly and all the rest of it to change it from a members club to a limited company we've got opposition yeah there's people who don't like it and saying you shouldn't be doing it we want to stay a members club etc etc if that's what they want then fine if that's what the vote when it comes to a vote if that's the way they want to leave it then fine stay as you are but if you stay as you are in 10 years time realise where you will be in the set up of English cricket because you're not going to be one of the big grounds like Edgerton, Old Trafford, Lords and the Oval who's got 25 ,000 plus brand new stadiums.

33:08We're not going to be in that league. So if you want to be in that league, you've got to investigate in that league and the only way you get the investment is change it to a limited company. so am i right in saying this current five-year cycle of test allocation you said there are three years where headingley doesn't have a test yeah we in fact sad to say really when this alley when i got there in 24 and i looked at the allocation out of five years three years we don't have a test match well if we don't have a test match that is a minus one and a half million pounds per year on our P &L, which is horrendous.

33:44Without the 100 money, if we'd have carried on with no 100 money and the allocation we had, we would have been going bust in 29. Again, that's how important the allocation system is from English cricket's point of view and from Yorkshire's point of view. And that's one thing which I believe has gone a bit astray. Your next year, 2027, we haven't got an Ashes Test match in the north of England, which I think is criminal to be honest. Yorkshire alone, people won't realise this, on a Saturday in Yorkshire, there are more people playing recreational cricket than the whole of Australia together. That's how big cricket is in Yorkshire.

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34:34We have more women playing cricket in Yorkshire than any other county by far. We've got more clubs. We've got 850 odd cricket clubs in Yorkshire. Cricket in Yorkshire is massive. It is part of the DNA. It's part of the heritage. That's why it's important to Yorkshire people. But to not have test matches allocated to Headingley, when you look at the test matches we've held at Headingley with all the great occasions of Botham and Stokes and all we always get good crowds there we always get good matches you know it's a good wicket ticks all the boxes and to not have three test matches out of five years I've found unbelievable.

35:21I asked you before if there had been a justification for that and you said there hadn't but I wonder if you can create that environment you create that state-of-the-art infrastructure the 25 ,000 to stadium, the incredible experience, it almost becomes impossible to not bring cricket into that environment. And right now, with the challenges that you have with the ground, the infrastructure, it's almost an easy out if asked the question of, well, the ground can't support what the Ashes demands. And that's another reason why we need demutilisation. So they can't use that against you to say, well, you haven't done this, you haven't done that, you haven't got this, you haven't got that.

35:56So from that point of view, demutilisation is important. So it's hugely important, but it also needs buyers and investors willing to commit the capital required to make that valuable, right? To buy into the club as a private entity. The appeal of individual assets is hugely important. But as we see often across sport, that's only part of it because you're then part of a wider ecosystem. And if that ecosystem is struggling, there's only so much you can do to build it. You can build a brilliant infrastructure and everything internally. but is the quality of the performance you can put on the pitch the same when you're playing other counties like how does that build into it so when you're having these conversations how much of it is about creating a really investable proposition or would it be about creating a really investable proposition into yorkshire versus also trying to look at the wider county cricket landscape and ensure that the whole thing the whole package can move in the same way as a few very ambitious businesses looking at this going this is about the future not just about how we try and maintain the the heritage and the history of the past it's both to be honest you've hit the nail on the head that if if you do the new development at headingly and you end up with a brand new ground 25 000 seat of stadium you have a sky bar at the top of the pavilion you have new um hospitality switch you have a small conference center the whole thing becomes a different entity from an income point of view so by doing that you end up with a business plan provided we get a test match every year we'll miss the odd one and we can handle that but provided we get a good allocation in matches that business at yorkshire can and will generate three million pounds a year net profit without any problems if we do that development because you've got the infrastructure to facilitate the hospitality the sky bar the restaurants everything that go with it we haven't got those ahead in it so you need those from an investment point of view which will bring the income in sunrisers got the franchise right so sunrisers yes group so now sunrises leads how much influential interaction is there between your even though you've sold it yeah how much interaction is there with them as a group and you as an operating entity yeah we're talking to them on a regular basis but it's what we said to them from square one you know you bought the franchise it's your train set you're now the train driver with a facilitator you know we make sure the grounds there and everything to work with you on that so they're running the team we have nothing to do running the team selection etc that's all down to them so we talk to them on a regular basis sanjay and myself are on on the sunrisers leads board we've got a ball meeting with them in July and carry things on and look forward.

38:39So yeah, the one thing which we realised as well was when we sold 100 and part of the process was getting investors to come and look at Headingley and what we had, etc. They, not only them but others, they were blown away by what we had at Headingley. The history, the tradition. When we showed them the space where Don Bradman sat when he scored his 300 and all that sort of stuff. They just couldn't believe they were on that field and they were in that dressing room where Bradman had sat. We've got all that behind us. The one good thing, or two good things I think we've got at Yorkshire, is we've got two brilliant assets.

39:23We've got Hedinley Cricket Ground, which if you travel around the world and you talk about cricket, most people know Hedinley all around the world. and we've got Yorkshire Groundy Cricket Club, the most successful one who's won most championships ever. So we've got two fantastic brands, a ground and a club. By pulling those together and maximising the potential of that, investors, I believe, will look at it and say, we need a part of that. And I was going to say, did that give you the confidence when going into these conversations that there was reinvestment to be had beyond these franchises? And the other thing that we did find when we were talking to investors for 100, First question they always ask, well, when are you demutualizing?

40:04Because when you do demutualize, we'd be interested in talking to you. Not just sunrises, a lot from America and all over the place. So we know that the interests will be there as and when we can get to that position. I mean, it may seem naive and pleasing from someone just outside of it, but do you speak with other counties about the value of this collectively doing it and creating that infrastructure? Now, again, please, I'm not putting away how difficult this is to actually get it through. But what we're really talking about, again, is the future of these historic institutions that are the bedrock for cricketing success in this country and also further afield.

40:43I firmly believe that if we get demutalization through, a lot of other counties will follow. So I think a lot are waiting for us to have the first battle to see where we end up on the receiving end or the good end. But I think the whole game of cricket, we'll be looking at it in future because members clubs, they're just not investable. And I say MCC is different. You can't compare it with that. The Oval's different. You can't compare it with that. So from that point of view, you've got to look at all of them and say, what's a traditional county club like Sussex or Kent? What are they like going forward?

41:27And they're the ones who will struggle. Hampshire did it. Rob Bransgrove did a fantastic job at Hampshire. Hampshire, well, they were insolvent. They'd gone. Rob picked it up in over 25 years, built a fantastic stadium at Southampton, invested in it, and look where they are now and what they've done. So to maybe help bring people on the way, and I'm interested in this as well. I think what was it that made the structure successful in the past? Let's say in the 70s, 80s, you could run it as a business in that way compared to what makes it challenging now. What's changed that means that this type of investment is more important?

42:08I think there's two or three things that have changed since the 60s, 70s and 80s. I think people today go into sporting events, like good facilities, like good food, like everything that goes with it. In the 60s, 70s, 80s, you went and provided it had a bar and it had a hot dog van and all the rest of it, you were happy, you didn't need any more. But now I think the expectations of big stadiums needs better facilities all the way around. And the big difference I've seen over the years is the investment in all our grounds in England has had to come from the county cricket clubs. If you go to Australia, as an example, Sydney, Perth, all the big grounds have been built via the national government and the state government.

42:59They've been funded by those. So the Sydney Cricket Club haven't had to put a penny into it. Perth, Western Australia, they haven't had to put a penny into it. It's been built by the state and the national government. We've never had that in the UK. We've never had a penny put into Headingley from local government, national government, anything. We've had to fund it all ourselves. So we've had to beg, go out, friends, all the rest of it, who can help us doing this? If you look at the changing rooms and the pavilion at Headingley, that was built by Carnegie University. It cost them£35 million. They built it as a teaching venue.

43:44so we weren't going to say no to 35 million pounds for somebody building what they perceived would be a pavilion and a teaching facility you know they've now pulled out of it we got it for virtually next to nothing so we've now got to change that from a teaching facility into proper changing rooms so that's how we've developed headingly it's working with people businesses universities all those kind of things over the years to help us achieve where we've got to now and we've always been short on money that's been the problem with cricket county cricket test match cricket we mentioned the struggles at the beginning that test match cricket has and the two are very closely linked right the county cricket is the feeder into yeah it is the test system so for us to have thriving test environments you need to have a thriving county environment and with those two so closely associated now what do we need to do to ensure that the county game is a product is of the highest quality creating those opportunities to allow the players to still make their way through because right now that's if you're starting playing cricket right whether you whatever you want to play really that's that's where you're still starting you're starting with one of these counties again i think we're at a place now where we need to look at how we structure county cricket and how we structure that whole game around the county scene personally this is just my personal view i would change it because i think it's getting ready for change it's it's been in its format now for a long while i would look at and this is where i think the whole season needs looking personally i would play the 50 over competition at the start of the season april and may where if you do have the bad day rain and all the rest of it you can play the next day if it's a one-day competition which is fine it gets the players out on the grass and it get some, you know, use the bat and ball.

45:38So I'd play the one day competition then, play the blast as it is now in the middle of the summer. 100 will stay as it is. But I would change the county championship to 21 teams and bring three new teams in. I'd have seven teams per division. So you play 12 matches, six at home and six away. That's how i'd change it oh that's brilliant everyone would always say oh it's too many counties do we do we reduce it if you went down if you went down that route it's easy to say right there's too many counties yeah i don't think that is the case i think what some counties got to realize is that where they are and how they're structured is would there be better playing semi-professional cricket in a lower division at the third division so you have like the premier division at the top with the top six and the top six will end up where they end up.

46:37When I said that, people said to me, well, what happens if Yorkshire end up in the third division? Well, if they do, that's our fault. Can't blame anybody else for it. We know the rules. We know how it's set up. But I think it would make it more interesting. And if the third division then became semi-professional, it would help those other counties who were struggling from a finance point of view and salaries point of view to get them playing a red ball format of cricket. What about audiences in demand? Do you think there is the attention? Well, that's the problem you've got in county cricket is a number of people who go watch it.

47:11And now you can watch live stream, because that's another thing which hasn't helped. It's helped the fan. He can watch live stream Yorkshire play Warwickshire, no problem, without getting out of his chair. You didn't have that 20 years ago. so you'd have people turn up. Now, a lot of counties are lucky if you get 2 ,000 or 3 ,000 people turn up to watch a county match. Most of those are members, so they've paid the membership already, so it ends up costing you money to open the gates because you've got stewarding and everything else. Most of them bring their own food and the sandwiches and everything else, so from that point of view, county cricket doesn't generate you income.

47:49But it's played during weeks. It's played in moments where it's hard for... It's paid at the wrong time. you know people are at work etc etc so from that point of view they've tried to fix that by starting most matches now on a friday so you got friday saturday sunday monday has it really worked no because people who follow cricket are playing cricket on a saturday and a sunday so that helped i was gonna say you mentioned the interest that you have around yorkshire for cricket does that has that been seen in the attendances at the county games no so average attendance if you had it is what in the very early thousands yeah if we if we get three four thousand that's that's great you know if we play if we play Lancashire it might get up to five thousand yeah if you play Durham you know they're in second division this year but they'll sum it back so the local dab is as we call them Durham or Lancashire you might get up to five the county that's done really well with the county game is Surrey they've done a fantastic job you know their attendance is is really good but again if you look at the demographics of where Surrey and the oval a lot to go in for them and good luck to them they've maximized it you mentioned that there was a financial challenge with what happened a few years ago within the racism storm yeah what about coming out of it you know for just the club as a brand and being able to ensure that you're putting it back on the right track and something that everyone's proud to associate with again and hold you know and at the top of their sporting kind of passion how's it how's it come out of all of this yeah virtually we've um we're now in a real good place to be honest I say I went back there in 24 and the club was on its knees both on the field and off the field the heart had been ripped out of the club with all the accusations and everything that went around it which wasn't good since then we now put everything in place with EDI and everything that goes with it safeguarding the whole shooting match we've got a new executive in there we've changed the coaching structure all those kind of things have helped we've now restructured the pathway to get the kids coming into the pathway from all around the county.

49:54One of the big things we did was get Mo and Ali to come and join us this year. And I don't know if anybody's seen his interview two weeks ago when he said a lot of people advise him not to go back to Yorkshire. What he's seen is just the opposite. He's come to Yorkshire and he's seen we've got everything in place. There is not that racism scandal around us anymore. People have seen we've changed, we've done the right things, we've got the right procedures in place. if there are any issues they're handled properly they're given to the cricket regulator etc etc so we're in a good place from where we were but it's been a challenging two years three years to get us back to where we were and for you know you mentioned there the pathways piece and getting lots of kids playing the game such an important part as we know right and it's more competitive than ever where there are so many options for children to go and play lots of different sports yeah it's massive and in in yorkshire the one thing we've always been proud of is producing england players and top quality players we've been good at that over the years so we want again we went back there and the pathway become i don't know how you explain it the pathway become a kindergarten where people and families were sending the kids to the pathway because it was free so So you give everybody it free because everybody turns up.

51:15But are they really interested in cricket or do they just want somebody to look after their kids for two or three hours while they go shopping or do all the other things? That's what our pathway have become. So again, we have to start again, restructure it, new coaches in, put it into four regions, north, south, east and west. So it's now in place to get us back to where we were. And it will produce results. Cricket's always had the challenge. particularly in this country of access and it being seen as partly exclusive i've seen a lot of work going on to change that do you see that now do you see a lot more opportunity for children who haven't grown up with the luxury of great facilities and access from a private school system etc to actually get involved in the game yeah and again this is another thing we did at the ecb in 2017-18 we launched cricket all-stars which was a way of getting the younger kids from I think it was 6 to 10 or something into cricket who'd never been anywhere near cricket.

52:13So we launched Cricket All-Stars and I believe that programme now is producing 100 ,000 kids playing Cricket All-Stars every Saturday or whenever they do it at their local cricket clubs. People forget we launched that in 17, 18. Before that we didn't have anything. We've done the next programme from 10 years old to 15 years old. so there's a program now there for kids to get into cricket who never could get into cricket before and the local clubs are picking that up and running with it and doing a great job with it. I meant to ask because when you mentioned there the ECB when you were there you oversaw the creation really of one of the most successful short form cricket tenures that England's seen and it's 50 overs and it's 220 well when I look back I took over in 2015 and I left in September 2020, five and a half years basically.

53:08And in that time, the England men won the World Cup in 19. The women won the World Cup in 2017. We launched the 100 in a new format with a new audience. We launched Cricket All-Stars for the kids. And we won an Ashes in 2015. So the five and a half years, we didn't do bad. The game, I think, in those five and a half years came together, both recreationally and professionally, because it was joined up and everybody seemed to be going in the right direction. You always do better on the back of success. When we won the World Cup, the men and the women, that gave everybody an impetus of, you know, I want to play cricket.

53:53The 100 certainly helped, all styles. All those kind of things generated that new enthusiasm for cricket. It's very easy for us, and in all of these types of things, to sit here and always be critical of things. But I don't think you ever really want to do that. It doesn't help. And when you're looking at this now, moving forward, I get the feeling like, you think, if you can get some of these things through that you need to do, both, should we say, from a Yorkshire perspective, but also from a broader cricketing perspective, then a lot of the challenges that the game's facing can be managed and can be improved on.

54:23It just needs some really strong leadership at the moment to get that through. Yeah, I think the one thing which I've always been able to do is get a good team around me of executives and board people who have got the same vision of where we need to go and where we need to take the game or the business or whatever it is going forward. And that's really what we need now, I think, is to look at it and say, take a breath. We've got the income over the last year coming in from the 100. Don't sit back and just do nothing and relax and say we've cracked it because we haven't. Far from it. I think we're just starting the next challenge and the next journey and that's where I'm coming from to say cricket needs to look at the next five ten years and change and change to get ahead of the game not playing capture you must still love it I mean it must still excite if you just still be doing this now I mean you know as you said you don't need to be but there must be something in here which really keeps you yeah I've been fortunate over the years I was brought up on a farm in in in Yorkshire out in the sticks and my first recollection of playing cricket was a five-year-old we had our own cricket pitch in our grass field and my dad put a cricket bat in my hand and i remember my brother butler me out and i knocked the wickets down with the bat and my dad came along and whacked me around the ear and said don't you ever bloody do that again etc etc i've been cricket ever since then basically and i started playing league cricket when i was 13.

55:53I played for the grammar school, did all that so cricket has always been my passion it's always been in my blood it's always been my love it's my first sport and yeah, Yorkshire to me is well, it's the holy grail and that's why twice I've gone and helped sort them out because I couldn't see that disappear which it would have done without a shadow of a doubt so yeah, I'm passionate about cricket it but I want to see it progress and progress and progress beautiful way to wrap it up I really appreciate you you talking us through it there's a there's a lot in there to unpick but it's great to understand properly what it's like from the inside so thank you for sharing it no problem at all enjoyed it thank you thanks so much to Colin for coming in some fascinating points made and context given on a topic that as I mentioned at the beginning will be highly emotive for many of you.

56:47But there are also realities to acknowledge and a future that ensures the longevity of this format of the game and its key contributors to aspire to. That may seem uncomfortable but if it works and puts domestic cricket back where it should be the reward is worth the risk surely. We'd love to hear your thoughts so please do get in touch and I hope you enjoyed the show. Now if you want to see more from today's show you can do so by going to YouTube or any of our other social channels across Instagram, TikTok and now of course Substack. There are more snippets to share and bite-sized chunks to consume.

57:17And whilst you're there, please do like, subscribe and follow the show. As you'll hear from your other favourite pods, it makes a huge difference when bringing you the best guests and conversations from the world of sport, which is of course our endless aim. Thank you again for tuning in and we'll see you next week.

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From the publisher

County cricket. This is long overdue. If we wanted to do this properly, the was really only one place to start, so I’m delighted to welcome Colin Graves to the show. Colin has held positions at the top of international and domestic cricket as Chair of the ECB and Yorkshire, a role he was re-elected to in 2024 as the club faces some of the biggest decisions in its storied history.

The stark reality is that county cricket needs to make more money, attract more fans, produce more content, open itself to new investment. The problem is that there are issues at both a macro and micro level that stop much of that from happening. Private vs member ownership, calendar positioning, fiscal management; how do counties create a business that does more than just survive. This is a compelling take from a man who knows what he’s talking about, and recognises this is highly emotive to many of you who will be listening. I look forward to hearing your thoughts. We’re delighted to welcome Colin to the Business of Sport


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Colin Graves: From £25m in Debt to £15m in the Bank: How The Hundred Saved Yorkshire (Ep126)Business of Sport · 1 h
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