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Yorkshire chairman Colin Graves has said the club must become a private structure in order to survive.

Graves returned to the county at the start of the year with the club in a challenging financial position.

he outlined that Yorkshire lost £2.7m last year and that their total losses now exceed £9m.

However, Leeds North MP Alex Sobel has said he will oppose Graves' plan.

"Unfortunately, there is no doubt that without swift and decisive action, YCCC [Yorkshire County Cricket Club] will be fighting for its survival during 2024," Graves said in the statement.

"A demutualisation – thereby converting the club to a private structure, which unlocks potential private investment – appears at this point essential for the club’s future.

"My firm intention is that members’ current rights are protected and that a demutualisation would represent no change to their current interaction with YCCC.

"The club would be better structured to be self-sustaining, still in existence and to capture maximum value for YCCC from any processes such as The Hundred.

"Other county clubs, including Hampshire and Northamptonshire, have successfully demutualised and are realising the benefits of this structure."

However, Sobel said that when Graves came before a select committee in September 2023 he said he had no plans to demutualise the club.

"Yorkshire Cricket belongs to the members of the club and their ownership of the historic Yorkshire Cricket Club is at the heart of our county," said Sobel.

"I will oppose Mr Graves' attempt to take the club from members and make it a private entity as it will be done for profit and to weaken accountability and long-term viability."

Sobel added: "Yorkshire members have been made many false promises over the last few months. I ask them to hold their nerve and oppose demutualisation until at least after the awarding of The Hundred's franchise."

The England and Wales Cricket Board (ECB) chief executive Richard Gould said they were "starting to pursue" private investment in The Hundred teams last month.

Graves' first spell as chairman between 2012 and 2015 was during the period for which the club was later fined for failing to address the systemic use of discriminatory or racist language.

In January 2024, the 76-year-old "personally and unreservedly" apologised for the racism scandal.

Yorkshire's members accepted a loan offer to the debt-ridden club from Graves, who previously served as chairman and helped to save them from financial ruin in 2002.

Graves returned with Yorkshire seeking fresh investment since losing sponsors over their handling of the racism scandal, while the club also had to agree compensation packages with sacked staff who won claims for unfair dismissal - a total that, with legal fees, Graves has suggested cost the club £5m.

The ECB initially withdrew Yorkshire's right to stage lucrative international matches at Headingley and only reinstated it after major governance changes were enacted.

However, the ground is not scheduled to host what would be a lucrative men's Test in either 2027 or 2028.

Yorkshire are fifth in the second division of the County Championship with two defeats and four draws from their opening six games of the season.