Bank of Colin Graves closed for business

The Bank of Colin Graves is closed for business. Never mind the financial crash of 2008, that announcement must have sent shockwaves around the world of Yorkshire cricket.

Self-reliance has always been a watchword for traditional Yorkshire folk and self-reliance was again what they must have imagined they were facing as Graves, Yorkshire's outgoing chairman, now heading for an even greater challenge as chairman of the ECB, announced that "the club needs to stand on its own two feet and generate cash".

The first test of Yorkshire cricket's ability to pay its way will be whether the public turns out at Headingley over May Bank Holiday for the second Test against New Zealand. The World Cup runners-up are in town. The least they owe him is to fill the ground. But history suggests there will be more than a few taking umbrage at something and staying away: Alastair Cook perhaps, or even Kevin Pietersen.

Graves' loans to Yorkshire extend to £11m, either personally or via a family trust. They amount to roughly 50% of Yorkshire's debt - a debt largely built up because of the need to buy Headingley in an attempt to put the county on a firmer footing.

That largesse was enough for Graves to be handed a silver county cap at the annual meeting at Headingley, in recognition 13 years unstinting service to Yorkshire. He never received a cap for playing for Yorkshire, although by all accounts he was a belligerent left-handed batsman for Dunnington in the York Senior League.

"The Bank of Colin Graves has gone," Graves told members. "This business has got to stand on its own two feet and generate cash. The new chairman and the Board are fully aware of their responsibilities.

"We have a debt of £23 million, although hardcore debt is roughly £20 million. People forget that from that £20 million, we paid roughly £13.5 million to buy the ground. That is a pure asset. If you knock this lot down and build houses or a supermarket, I can assure you the asset value of the ground is worth more than £15 million."

As Graves presses for a more financially viable English professional game, he is aware that there will be sniping that he is representing Yorkshire's interests. He is determined that he cannot fairly be accused of a conflict of interest.

"From a personal point of view, my loan of £5.5 million is being put back in via my family trust," he said. "Colin Graves' personal money is coming from the trust in the future. I have no conflict of interest going forward.

"At the end of the day, you've got a situation where they are looking at it as a pure investment. People don't have to worry."