To say that cricket in this country tends to be a bit wary of change is to make one of the great understatements of all time. However, from the organisation of the national team down to grass roots level, changes are being made. One of the most radical is taking place on the south coast, where Hampshire are in the process of launching a public offer for investment in the company that operates its new ground – the Hampshire Rose Bowl.

Chief executive Graham Walker feels that the investment opportunity will appeal to a wide spectrum from the hard-nosed businessman to the Hampshire cricket enthusiast who wants to take an active role in helping the club achieve it's ambitions.

"We know from talking to our own members that there is a significant level of interest in investing in the club," he said. "Each of our existing 4,839 members is now a shareholder, but there is a preparedness by both existing members and potentially new members to become significant investors in the business going forward."

The actual investment will be in Rose Bowl PLC, of which Hampshire cricket is but one part. The business is more than just cricket, however. It includes the golf course, driving range, fitness centre, as well as a hospitality and outdoor event catering business which has just been acquired. The whole site consists of 150 acres, with some 40 acres available for additional commercial development, so it does have prospects.

Walker is not looking for a bit of loose change here. "We're hoping to raise £5 million, with a minimum of £2.4 million. We obviously did this after a great deal of consideration and we think it is the way forward. It allows us to accelerate our plans in terms of the development of the site as an international venue, and allows us to finish the job."

When the time is right, the company is likely to be floated. That will be a first for cricket, for although Durham formed as a limited company, like Hampshire, they are essentially a cricket club whereas Rose Bowl PLC will offer a much wider portfolio of interests. They are talking about a major leisure and entertainment venue with many attendant opportunities at the one venue.

"Rose Bowl is more robust from that point of view, with the catering interest as well. That has already written a million pounds worth of business outside of the Rose Bowl complex at places like the Southampton Boat Show, polo at Windsor, rugby at Twickenham where we provide catering services."

One thing investors will be interested in as the background of those involved, and Walker is proud of a c.v. that includes ten years running the commercial marketing operation with the Football League, and more recently chief executive of Sale Sharks – the rugby club that he sold to new investors, and was commercial marketing director of the Millennium Stadium in Cardiff. So he is not exactly wanting in a track record.

Coupled with chairman Rod Bransgrove's successful business background, everything appears to be in place to give the project a good start. Certainly the confidence is there, and there is no consideration of failure. It is just that the success of this public offer will determine the pace at which the Rose Bowl project can be completed. Not whether it will or it won't be completed, just when. It is the sort of confidence that should rub off on English cricket as a whole.

The offer opens at 10 am on Monday, 4th March and is open until 31st March. For a prospectus and further details, contact Graham Walker at The Hampshire Rose Bowl, Botley Road, West End, Southampton SO30 3XH or telephone 023 8047 2002.

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