Colin Graves in sensational Yorkshire return after seeing off Mike Ashley bid

Colin Graves has entered a period of exclusivity with Yorkshire to secure a sensational return after finally derailing a rival investment approach from Mike Ashley.

A 12-month search for a rescue package for the embattled county is at last resolved after club staff were informed the former chairman returns if he shows proof of funds by January 5.

A statement from Graves said: “I am pleased that the board of Yorkshire Cricket Club has now accepted my offer, subject to contract. In doing so, the club has agreed to a period of exclusivity until January 5 to finalise minor contractual details.

“Once that point is reached, the offer will be put to the membership at an EGM along with the board’s recommendation that it is accepted in the best interests of the club.”

Telegraph Sport had reported on Tuesday how Graves was close to agreeing a deal despite having previously fallen out bitterly with the current administration.

In a letter seen by this publication, Stephen Vaughan, the club’s chief executive, acknowledges “a turbulent time for the club in recent years” but a “more robust financial platform” will restore the good times for “both our men’s and women’s teams”.

He wrote: “To this point, I can confirm that the Board of YCC has agreed to a period of exclusivity until January 5 with Colin Craves and Oakwell Capital to bring in the necessary funds to secure the financial future of the club and maintain its status within English cricket.

“If concluded successfully, the club will convene an EGM for members to ratify meant matters relating to the offer at the appropriate time.”

Board members have opted for the deal despite interest from the former Newcastle United owner and Indian investors in recent days.

The Graves consortium will create a limited company that will turn the £16.1 million the club owes to the Graves family trust into equity, saving Yorkshire around £500,000 in repayments per year.

The company will effectively buy Headingley and will hand Yorkshire a rent-free 99-year lease on the ground, assuring its future at the iconic venue.

Graves’s return would likely see him reinstated as chairman, effectively running the club, subject to approval by members at an EGM next year.

Vaughan adds in his message internally: “As a board of directors, we have a duty to ensure that first and foremost we do the right thing by our creditors and members. This means that we must assess all funding routes that are available to us....to be able to continue to operate and indeed thrive going forward.”

The Ashley deal would have seen the entrepreneur buy Headingley Stadium on a sale and lease option with Yorkshire paying rent to play at a ground they would no longer own. Sir Geoffrey Boycott warned members against the deal at the club’s AGM earlier this year describing Ashley as a “piranha”. Ashley’s Frasers Group also allegedly wanted naming rights to the ground as part of a £22 million deal.

It emerged this week Yorkshire have been loaned money by the ECB to make it through the winter months. Next year will be a tough one for the club with Headingley not scheduled to host a Test match, which always leaves a big hole in accounts.

Graves is likely to eventually bring in his own executive team. Telegraph Sport reported in September that Graves’ purchase agreement would see 70 per cent owned by him, with the remaining 30 per cent handed to other investors, all of whom are said to be “Yorkshire CCC lovers”. One source close to talks at the time suggested Joe Root’s family were among those being courted as possible backers.

Graves is being advised by Andrew Umbers and Oakwell, a sports corporate finance company that has been heavily involved in rugby union.

In a takeover proposal submitted to Yorkshire, the consortium pledges to increase revenue at Headingley with more concerts and conferencing events. Graves and his partners believe they can grow the value of the asset by 50 per cent more in five years’ time.

The ECB often advances clubs’ money through the winter months, bringing forward payments the counties would normally receive through their annual shareholder dividend. But the board will not be a lender of last resort and bail clubs out of financial crises without a plan for the future on the table.

The on-off deal with Ashley was first reported by Telegraph Sport last summer. Graves re-emerged in the autumn as a potential investor but withdrew his offer when he had little interest from the Yorkshire board.

There was also a brief period when the Rajasthan Royals IPL franchise were interested in a deal to buy Yorkshire but the deal collapsed with reservations about the club’s future and concerns within English cricket of an IPL team effectively owning a Test venue.

Ashley and Yorkshire have declined to comment on recent negotiations