Demutualisation is the process of converting a member-owned club – such as Middlesex County Cricket Club – into a fully or partially privately owned company. It can only be done in agreement with members, with the process requiring 75% of Members to vote and 50% of those voting in favour.
The Leonard Curtis report into cricket finance shows a clear correlation between financial resources and cricket success. Without new investment, Middlesex would be unable to attract and retain the best players, making us less competitive on the field. It also prevents us from investing in our own training facilities to develop our players.
Quite simply, to be competitive, Middlesex CCC requires external investment. Of Middlesex's current income, around two-thirds comes from the ECB, compared to 10% for Surrey and Warwickshire. As Middlesex is the only county that does not own a ground, meaning we have no asset, we have little scope within the current organisation for further revenue generation.
Private investors generally require some security in what they invest in, such as shares. They are only likely to provide funds if they can see a way to get a return on their investment. They are unlikely to do this if they don’t have control over key decisions at the Club.
Yes – Hampshire, Northamptonshire and Durham have already made this change.
Yorkshire are also in the process of demutualising and are consulting members in the same way that we are.