Ex-Newcastle United owner Mike Ashley in ‘detailed negotiations’ over £22m Leeds stadium investment

Business tycoon and former Newcastle United owner could splurge £22 million on famous Leeds cricket stadium Headingley.

Financial difficulties have been looming over Yorkshire Cricket Club in recent years and The Telegraph reports that Ashley's Frasers Group are now in 'detailed negotiations' over a deal for the stadium.

Ashley stepped down from the Frasers Group board last year as the company embarked on a new era but was a key figure in the purchase of Coventry City's CBS Arena last November. That deal in the Midlands soon made headlines when Frasers Group served an eviction notice on the football club just weeks after completing a deal.

Frasers Group are believed to be the frontrunner to complete the Headingley deal, although there is still interest from the Indian Premier League and a third undisclosed overseas consortium. Bidders have so far been refused the option of exclusivity talks.

Yorkshire acquired Headingley in 2005 from Leeds Cricket, Football and Athletic Company for £12 million but the current valuation is nearly double that.

Headingley first opened in 1891 and has been used for Test matches ever since 1899, including this summer's blockbuster Ashes series. The ground has a capacity of 18,350 and is also home to rugby league side Leeds Rhinos.

There had been reported interest from Saudi Arabia over the summer but the Middle East country is believed to no longer be in the running anymore.

The sale of Headingley is set to be controversial among some, especially with Ashley's public image marred by years of unrest on Tyneside, but would provide Yorkshire with the chance to move on from financial woes that have been ever-present for years.

The deal is described by the Yorkshire Post as 'complex and commercially sensitive' as Yorkshire look to raise £15 million to pay back the family trust of former chairman Colin Graves. The club also needs to generate several million pounds of working capital.

In December, the club appointed FRP Advisory, corporate refinancing and restructuring specialists, to help attract a £20 million investment. This summer, the English Cricket Board's Discipline Commission also recommended Yorkshire be docked 48 to 72 points in the 2023 County Championship, four to six points in the One Day Cup and four to six points in the T20 Blast.