Lancashire County Cricket Club have secured £10 million of funding to aid its regeneration of the Old Trafford stadium, including a 1,000 seat conference and events centre.
The building of the new £12 million venue is the focus of phase one of the proposed development, which is expected to cost £200 million in total.
Natwest has provided the funding for the first stage of the scheme, which Lee Morgan, finance and operations director of the club, says is mainly aimed at securing the future of international cricket in Lancashire.
"However, the conference and events element of our day-to-day operation is an important part of our successful business strategy, and is core to funding of the club's cricketing activities," he adds.
In nearby Cheshire, construction work on a new £10.8 million sports complex and conference venue has been completed.
The Winsford Lifestyle Centre, which was built by Morgan Ashurst, will now open on March 30th.