Wartezimmer » The clubs outgoing directors depart with collectiv

Financially-stricken Durham have secured a financial rescue package from Durham County Council which will further help to secure the future of professional cricket in Englands most northerly outpost.Durham County Council has agreed to convert loans of ￡3.74m into shares, so freeing the county from interest payments on long-standing debts.Under the ECB-brokered settlement, Durham County Council has agreed to convert its debts into redeemable preference shares. The ECB has restructured Durham as a community interest company, which enables it to distribute up to 35% of profits - should they become available - to shareholders.The council has received interest payments of around ￡700,000 on their loans since 2009 - variously charging 4.7% and 7% annually on the loans. The councils own calculations state that with interest rates at record lows they would only have made ￡140,000 interest in the same period by conventional investments. The agreement follows the ECBs own ￡3.8m rescue package, which included writing off nearly ￡2m of its own loans to the county.That bailout came with punitive measures: the sacking of the Durham board, relegation from Division One of the Championship and penalty points in all three competitions at the start of next season.But Durham can stage ODIs and T20Is and it is here, combined with stringent cost cutting and a growth in their mediocre T20 attendances, where it is hoped future profitability lies.The terms of the ECB rescue package were enforced by the ECB after Durhams long-standing failures to attract investment into the club brought their financial problems to a head this year. Payments to service debt interest were running at nearly ￡1m a year.The ECB told the council that only one party - unnamed - had showed interest, but the approach was rejected because of their fit and proper person guidelines, which are designed to prevent clubs being bled dry by investors without its best interests at heart.Council representatives were told if they also failed to agree to the rescue there was a significant risk that the club would enter administration, leaving the bulk of their loan lost. Durham County Council already owns the land the clubs Riverside ground is built on, and leases it to the club.A cursory Durham statement said: The clubs difficult financial position was brought to a head earlier in the year by the unexpected calling in of a long term loan and the challenge of securing, in time, private development investment.The club is pleased that this has been achieved without the need for significant public debt write off as has been the case elsewhere in cricket.Durhams secrecy has long been illustrated by their refusal to reveal the identity of two long-term financial backers in the Middle East who are no longer involved with the club.Durham County Council has shown rather more detailed commitment to local democracy than the cricket club it has now helped to save.A council report available here states: DCCC had hoped that commercial and residential developments on the site could have provided much needed financial security but it was unlikely that these benefits could be realised quickly enough.Over the last three years the council has worked with DCCC to significantly reduce their costs with circa ￡1million in costs taken out of the business - mainly from a significant reduction on player costs.Similarly, the council has worked closely with the club to drive forward commercial development of the site including a hotel and conference centre which would help derive additional income for the club.Without additional financial support from the ECB via an all creditor agreement and a restructuring of loans or a significant injection of capital from an alternate source, the club could not continue to run on a solvent basis and across the summer appointed an insolvency practitioner to advise the Board on options available to it.The appointed insolvency practitioner (RSM UK) undertook soft market testing to gauge interest in purchasing the club across the summer, although they were unable to find suitable buyers.There has been less support so far in writing off or converting debts into equity from other creditors.Both CR Financial Solutions, a London-based company which focuses on real estate, bought out Durhams outstanding bank debt of ￡788,000, and the North East Local Enterprise Partnership, is owed ￡771,000. Both have been unresponsive. The clubs outgoing directors depart with collective debts of ￡415,000 still owed to them.The ECB is expected to take on the bank debt from CR Financial Solutions, so protecting the future of the ground, and further increasing its own indebtedness.It has already agreed to write off nearly ￡2m of loans and, as part of the deal, has withdrawn Durhams Test match status, a convenient solution to the recognition that the dash for growth over the past decade or so has left more grounds seeking Test fixtures than are sustainable. Nike Air Max 1 Australia . -- An ugly goal by Nick Bonino helped the Anaheim Ducks overcome the defensive-minded Phoenix Coyotes on a night when their ragged power play continued to struggle. Air Max 1 Clearance . Manuel was offered a position the day he was fired. He accepted earlier this week and the team made the announcement Friday. http://www.wholesaleairmax1australia.com/ .com) - The Calgary Flames aim to bounce back from their first regulation home loss of the campaign on Friday night when they host a Detroit Red Wings club that they swept in three meetings a season ago. Wholesale Air Max 1 Australia . -- Vincent Lecavalier got everything but the desired result in his return to Tampa Bay. Air Max 1 Sale Australia . Just not the game. Kyle Palmieri scored two straight goals in the third period to rally the Anaheim Ducks past the Philadelphia Flyers 3-2 on Tuesday night. ENGLEWOOD, Colo. -- The Denver Broncos are preparing for 2016 without their starting defensive end while anticipating the return of one of their most important defenders.The loss of veteran Vance Walker to a torn ACL in his right knee has given some young players a chance to move into his starting role. Meanwhile, linebacker DeMarcus Ware, who participated in drills Tuesday, is expected to return to practice within a week.Hes real close, coach Gary Kubiak said. I think youll see him be a part of the team here in about four, five days. Hes made that much progress. So hopefully next week Im talking to you guys about him.Ware has not practiced yet while dealing with back issues. He was placed on the non-football injury/illness list at the start of training camp, but the sight of him on the hill beyond practice Tuesday was a sign that he is almost back.It was good news for the Broncos after a tough day Monday. Walker went down early in practice and was carted off the field. An MRI revealed the torn ACL that will most likely cost him the season.Its huge losing Vance. He was a great rotational guy for us last year, cornerback Chris Harris Jr. said. We have so much depth on the D-line, one of those young guys will have a great opportunity to step up.Jared Crick is getting the first crack at taking over Walkers spot. Crick played four years with Houston before Denver signed him as an unrestricted free agent in April.Im taking the same mindset, no matter where Im at on the field or what my role is, Crick said. When it comes to game time, wherever they put me thats fine. Ill know Ive prepared the right way. If everybody prepares like a starter, the second they get into the game theyre ffine.dddddddddddde will get a chance to impress when the Broncos practice against San Francisco on Wednesday and Thursday ahead of the teams preseason game in Denver on Saturday night. The practices against the 49ers are expected to be physical, so the Broncos held a light, 90-minute practice Tuesday without pads or helmets.We had a good practice (Monday) in pads and pretty quick and light today, Kubiak said.The Broncos are looking forward to hitting another team after spending most of the last three weeks going at each other. The strain of training camp showed Monday when Harris and wide receiver Emmanuel Sanders got into a fight at the end of a play in which they were matched up against each other.The players shook hands before practice ended.Its football, man, Harris said. Were good.Saturdays game will have more star power for Denver. Linebacker Von Miller and guard Russell Okung are expected to play after sitting out against Chicago on Thursday, and Harris also could get in.Kubiak indicated he will use the same plan for his quarterbacks against the 49ers. Mark Sanchez played the first quarter against the Bears, Trevor Siemian played the second and rookie Paxton Lynch ran the team in the second half.Cornerback Aqib Talib has been going through full practices but will not play against San Francisco. Kubiak said the goal is to have him play in the third preseason game, against the Los Angeles Rams.Game notes NT Sylvester Williams was excused from practice for personal reasons. ... S Ryan Murphy and CB Taurean Nixon were again held out of practice. ' ' '