Marylebone Cricket Club (MCC), which owns the stadium, wants to raise more than £80 million to fund an increase in capacity to around 35,000.
According the Guardian newspaper, purchasers of the debentures will have first call on Test seats, however the MCC's two–Tests per summer agreement with the England and Wales Cricket Board (ECB) expires in 2009.
The MCC is keen to strike a similar long-term deal to that secured by Surrey County Cricket Club, which backed up funding for the redevelopment of The Oval. If negotiations with the ECB fail, The Guardian said, the ‘MCC may retaliate by reducing its £3m-a-year distributions to the game’.
