Financially-stricken Durham have secured a financial rescue package from Durham County Council which will further help to secure the future of professional cricket in Englands most northerly outpost.Durham County Council has agreed to convert loans of ￡3.74m into shares, so freeing the county from interest payments on long-standing debts.Under the ECB-brokered settlement, Durham County Council has agreed to convert its debts into redeemable preference shares. The ECB has restructured Durham as a community interest company, which enables it to distribute up to 35% of profits - should they become available - to shareholders.The council has received interest payments of around ￡700,000 on their loans since 2009 - variously charging 4.7% and 7% annually on the loans. The councils own calculations state that with interest rates at record lows they would only have made ￡140,000 interest in the same period by conventional investments. The agreement follows the ECBs own ￡3.8m rescue package, which included writing off nearly ￡2m of its own loans to the county.That bailout came with punitive measures: the sacking of the Durham board, relegation from Division One of the Championship and penalty points in all three competitions at the start of next season.But Durham can stage ODIs and T20Is and it is here, combined with stringent cost cutting and a growth in their mediocre T20 attendances, where it is hoped future profitability lies.The terms of the ECB rescue package were enforced by the ECB after Durhams long-standing failures to attract investment into the club brought their financial problems to a head this year. Payments to service debt interest were running at nearly ￡1m a year.The ECB told the council that only one party - unnamed - had showed interest, but the approach was rejected because of their fit and proper person guidelines, which are designed to prevent clubs being bled dry by investors without its best interests at heart.Council representatives were told if they also failed to agree to the rescue there was a significant risk that the club would enter administration, leaving the bulk of their loan lost. Durham County Council already owns the land the clubs Riverside ground is built on, and leases it to the club.A cursory Durham statement said: The clubs 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.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.Durhams secrecy has long been illustrated by their refusal to reveal the identity of two long-term financial backers in the Middle East who are no longer involved with the club.Durham County Council has shown rather more detailed commitment to local democracy than the cricket club it has now helped to save.A council report available here states: DCCC had hoped that commercial and residential developments on the site could have provided much needed financial security but it was unlikely that these benefits could be realised quickly enough.Over the last three years the council has worked with DCCC to significantly reduce their costs with circa ￡1million in costs taken out of the business - mainly from a significant reduction on player costs.Similarly, the council has worked closely with the club to drive forward commercial development of the site including a hotel and conference centre which would help derive additional income for the club.Without additional financial support from the ECB via an all creditor agreement and a restructuring of loans or a significant injection of capital from an alternate source, the club could not continue to run on a solvent basis and across the summer appointed an insolvency practitioner to advise the Board on options available to it.The appointed insolvency practitioner (RSM UK) undertook soft market testing to gauge interest in purchasing the club across the summer, although they were unable to find suitable buyers.There has been less support so far in writing off or converting debts into equity from other creditors.Both CR Financial Solutions, a London-based company which focuses on real estate, bought out Durhams outstanding bank debt of ￡788,000, and the North East Local Enterprise Partnership, is owed ￡771,000. Both have been unresponsive. The clubs outgoing directors depart with collective debts of ￡415,000 still owed to them.The ECB is expected to take on the bank debt from CR Financial Solutions, so protecting the future of the ground, and further increasing its own indebtedness.It has already agreed to write off nearly ￡2m of loans and, as part of the deal, has withdrawn Durhams Test match status, a convenient solution to the recognition that the dash for growth over the past decade or so has left more grounds seeking Test fixtures than are sustainable. Cheap Sabres Jerseys . McCarthy, a player who played some games in the second tier for Wigan at the start of this season, would go on to shine inside Evertons midfield, outplaying the man he was brought in to replace, on one of the grandest stages in English football. On Saturday, it was fitting that Manchester Uniteds most recent dagger into the chest was delivered by Frenchman Yohan Cabaye, a wonderfully gifted central midfielder who put on an outstanding effort for Newcastle at Old Trafford. Cheap Buffalo Sabres Jerseys . Rinne played two periods in his first game since left hip surgery in early May. Gabriel Bourque scored 3:07 into the second period and Austin Watson tallied 5:15 later for Nashville. http://www.cheapsabresjerseys.com/ .C. United of Major League Soccer. United chose the defender in the second round of the 2013 MLS re-entry draft. Wholesale Sabres Jerseys . The defence is doing its part, too. Drew Brees threw a pair of touchdown passes in the first half and the guys on the other side made sure that was enough, sending the Saints to a 17-13 victory over the Atlanta Falcons on Thursday night. Cheap Sabres Jerseys Authentic ., for the next three years with the signings on Monday of Daryl Townsend and Michael Carter. PINE BLUFF, Ark. -- Trey Green threw for 400 yards and five touchdowns as Prairie View routed Arkansas-Pine Bluff 57-7 on Saturday.The Panthers finish 7-2 in Southwestern Athletic Conference play and remain in third place in the SWAC-East behind Southern and Grambling State.Green threw four touchdown passes in the first half and Arthur Lockett returned an interception 51 yards for a touchdown to give the Panthers a 33-0 halftime lead.KhaDarel Hodge caught three TD passes, frrom 34-, 64- and 4-yards out.dddddddddddd.Green was 23-of-29 passing and the Prairie View ground game piled up 152 yards.Marvante King returned a kickoff 93 yards for a touchdown to get the Golden Lions on the scoreboard.LaEarl Patterson was 8 of 20 for 81 yards passing and carried 19 times for 86 yards rushing for Arkansas-Pine Bluff (1-10, 1-8). ' ' '