DURHAM'S future as a financially viable first-class club is a major step closer after confirmation that the county council has unanimously agreed to a "rescue package".

Durham agreed a £3.8m bail-out with the England and Wales Cricket Board earlier this month - bringing with it stringent conditions including relegation from Division One of the Specsavers County Championship and a 48-point penalty for the start of next season.

Durham County Council agreed  to convert the £3.74m owed to the council into shares in the reconstituted cricket club at a meeting on Wednesday.

Cabinet member councillor Alan Napier said: “The council finds itself with little real alternative.”

While Council leader Simon Henig added: “There has been too much put into this to allow this to die at this stage. I believe that is what we would be talking about potentially if the county council walks away.”

A statement on the club's website read: "Durham CCC welcomes the support of the partnership of stakeholders, notably the ECB and Durham County Council, that has come together to invest in an important regional asset and secure the future of First Class and International cricket in Durham. 

"The Club is pleased that this has been achieved without the need for significant public debt write off as has been the case elsewhere in cricket.

"The Club’s difficult financial position was brought to a head earlier in the year by the unexpected calling in of a long term loan and the challenge of securing, in time, private development investment.

"Durham CCC now looks to the future and to cricket success in a sustainable business."

During ongoing discussions with the governing body, it is understood Durham were encouraged to identify individuals with a connection to the North-East region who may be able to help steer them to a more secure future.

Former England captain Ian Botham, who played for Durham when the club was granted first-class status 25 years ago, subsequently confirmed his interest in helping his old county.