Leics seek investment under mounting financial pressure

Leicestershire are fourth in the County Championship Division Two table

Leicestershire have begun talks with private investors in an effort to secure a "brighter, stronger future" as they deal with mounting financial pressure, says chief executive Sean Jarvis.

The County Championship Division Two side were given permission by club members this year to seek outside interest.

Leicestershire, who are challenging for promotion to the top flight, reported a loss of £440,000 and debts totalling £4.2m in their latest accounts for the 12 months up to September 2023.

"There is without question a challenging period ahead of us because finances are tight," Jarvis told BBC Radio Leicester.

"When we announce our finances next year they won’t make for pretty reading, that’s a fact."

Jarvis said the "model" of how the club generates money needs to be addressed, with it "being very difficult to survive on cricket alone".

With the club's 20-year-old seamer Josh Hull about make his England debut, following Foxes team-mate Rehan Ahmed on to the international stage, Jarvis said the "direction of the club is exciting".

Leicestershire, who in 2023 won the One-Day Cup, generated more than £5m in turnover for the second successive campaign last term - with £3.7m coming from central funding from the England and Wales Cricket Board (ECB).

They are the latest club to seek investors, with Hampshire in "advanced" talks with Delhi Capitals co-owners GMR Group about a takeover, while Yorkshire and Middlesex are also attempting to attract new backers.

Jarvis, who previously worked as CEO at football club Huddersfield Town, said there was near-unanimous agreement among members to "explore" which investors would be interested in buying a stake in the East Midlands side.

"Obviously there is a big journey to go through on changing from where we are with a membership model to private ownership," he said.

"We have begun that process and it is, and I will stress this, very early days. I've spoken to a number of individuals who are interested in chatting further. There are consortiums out there that are saying 'OK, we'll chat and see where it goes'."

Jarvis added that there has been interest in the club from overseas.

"We have to explore all those things that give Leicester a brighter, stronger future," he continued.

'Foxes need members' backing'

Part of that future includes ambitious plans for a £60m redevelopment of their Grace Road home.

Jarvis said the club are working with "three organisations" to make "phase one" - aimed at boosting the club's ability to generate commercial income - a reality.

"That will have a significant change in the direction of the club," he said. "We just have to work hard to make that happen."

While outside investment is being sought, Jarvis pleaded with supporters to take up membership to boost the club's finances.

His appeal also came with a defence of their decision to hike membership prices for the 2025 season.

"In my time here we have tried the cheap stuff, we have tried encouraging people but it just has not worked, so we have to come at it from a different angle," Jarvis said.

"We have come to a point where we have to change our model. Again it comes down to the people of Leicester - please support this club, back this club because we have demonstrated what we are capable of.

"But we need that backing, we need those people to come out and buy those memberships, support this club, buy matchday tickets."