OUTGOING chairman Colin Graves has told Yorkshire members the club needs to “stand on its own two feet and generate cash”.

England and Wales Cricket Board-bound Graves was speaking at Yorkshire’s annual general meeting on Saturday, where he revealed his replacement will be 50-year-old board member Steve Denison, who works for PricewaterhouseCoopers.

Graves’ loans to the club amount to £11 million, either personally or through his family trust, but when he takes over as chairman of the ECB on a five-year term in May, there must be no conflict of interest.

“Where the board is today is very simple,” said ex-Dunnington cricketer Graves, who was handed a silver county cap as recognition of his 13 years of service to Yorkshire.

“The bank of Colin Graves has gone. This business has got to stand on its own two feet and generate cash. The new chairman and the board are fully aware of their responsibilities.

“We have a debt of £23 million, although hardcore debt is roughly £20 million. People forget that from that £20 million, we paid roughly £13.5 million to buy the ground (Headingley). That is a pure asset.

“If you knock this lot down and build houses or a supermarket, I can assure you the asset value of the ground is worth more than £15 million.

“When you look at the balance sheet, it’s not really a true reflection.

“From a personal point of view, my loan of £5.5 million is being put back in via my family trust. Colin Graves’ personal money is coming from the trust in the future. I have no conflict of interest going forward.

“I have resigned as a trustee of my family trust, and the trustees of that trust are quite happy.

“At the end of the day, you’ve got a situation where they are looking at it as a pure investment. People don’t have to worry.”

Graves stressed the importance of getting crowds through the gates, particularly for internationals and domestic T20 cricket: “In 2019, with an Ashes Test match and four World Cup matches in one year, this club could make £5 million. That’s not pie in the sky,” he added.

Denison, who will combine his day job with his duties as chairman, said: “I’m off the scale proud. I could never have envisaged being involved with Yorkshire even as a board member, which I have been for the last four years.

“To be chairman takes it to a completely different level. I am pinching myself. I’m a Leeds lad, born and brought up in Bramley. I’m much more of a cricket fan than a player. I didn’t play league cricket at all.”

Meanwhile, Dickie Bird was handed a further one-year term as president and Martyn Moxon replaced Michael Vaughan as a board director.