Lancashire County Cricket club have received confirmation of a £4 million loan from Trafford Council, meaning they have now raised the £12 million they need to rebuild Old Trafford Lodge into a new 150 bedroom, 4 star hotel.
Lancs will repay the money over 10 years, at a preferential rate of interest secured by the council. The deal includes 5% of receipts from international matches played at Old Trafford, which could be up to £150k during Ashes years, when Old Trafford is usually a sellout.
There was apparently opposition from Labour councilors but the deal was passed anyway thanks to the controlling Conservative / Lib Dem majority.
The deal marks the latest phase in the redevelopment of Old Trafford. Let’s hope they find some cash to do something with the old Chewits building next.