The owner of Lord's Cricket Ground has been bowled a financial googly in the form of apparent financial embezzlement but has selected ex-Bank of England governor Mervyn King to lead its response as the club's new president.
Marylebone Cricket Club (MCC) announced record revenues for the past year on the back of significantly higher hospitality sales, where sponsors include JPMorgan, Carlsberg Marston’s and LVMH's Veuve Cliquot.
However, Chris Rogers, the new treasurer of the club, told members that external lawyers had been brought in to investigate "potential misappropriation in the club".
He said he was unable to provide more detail apart from assuring that the integrity of the 2023 accounts and earlier periods is "not in question", according to a story in Telegraph, which said the probe was understood to be focused on "money that has gone missing".
A review of the club’s processes and controls will take place in the next few months, said Roberts, who is also chairman Wickes Group PLC (LSE:WIX) and formerly managing director of Costa Coffee.
The MCC announced yesterday that former Bank of England governor King will be its new president, starting later this year.
King, who currently already sits in the House of Lords rather than Lord's cricket ground as Lord King of Lothbury, led the BoE between 2003 and 2013, a period when the cricket-loving central banker oversaw the central bank during the global financial crisis.