Yorkshire are to press ahead with plans to become a private limited company in order to wipe out their debts and raise sufficient funds to buy Headingley Cricket Ground from their landlords, Leeds Cricket, Football and Athletic Company.

Members today received the club's annual report and statement of accounts which show that losses soared from £50,000 in 2001 to a staggering £1,292,000 last year.

Yorkshire's intentions of acquiring plc status - which could raise the club up to £8m and pay off its £4m bank loan - were confirmed by the Management Board's finance director, Brian Bouttell.

"We will be appealing to the membership and the people of Yorkshire at large for money to clear our debts and to buy out Paul Caddick as well as completing the redevelopment of Headingley," said Bouttell.

Priority would then be given next winter to building a new North East stand on the site of the old office block and later re-development would include a new pavilion and media centre in place of the Winter Shed, and a new South Stand.

Leeds CFAC chairman Paul Caddick has already expressed a willingness to sell the ground to Yorkshire and detailed negotiations about the purchase price will start soon after the county club's annual meeting on March 29.