GLAMORGAN have agreed new terms with their investors for a financial restructuring deal which will ease the county's debts and help secure their future.

Existing lenders, which include Allied Irish Bank, Cardiff Council and former chairman Paul Russell, have agreed to restructure their loans, which includes extending the repayment terms.

Glamorgan have also raised £1.3 million from a group of private investors.

"We are delighted to be able to make this landmark announcement which secures our future," said chairman Barry O'Brien.

"It demonstrates the confidence our investors have in the club's business and prospects, following our success in securing 17 days of international cricket over the next five years including the 2015 Ashes.

Positive

"We can now look forward to the 2012 season in a positive manner which will also see the club stage an England v South Africa One-Day International and the Friends Life t20 Finals Day in August."

The restructuring will mean Glamorgan's debt repayments will be reduced by £300,000.

It comes as a timely boost for the club, who lost the right to host England's Test against the West Indies in Cardiff this summer following their late payment for hosting the Sri Lanka Test in May 2011.

"As with many other counties, Glamorgan Cricket has faced financial challenges for a number of years so the news is particularly welcome," said chief executive Alan Hamer.

Meanwhile, Glamorgan also announced David Morgan has agreed to accept a nomination as president elect. Subject to the approval of members at this year's annual general meeting, Morgan has agreed to serve a four-year term.