MCC unveils £200m plan to make Lord's 'the finest cricket ground in the world' "Lord's is a fantastic, iconic ground, the envy of the cricketing world, but there is significant work to do if MCC is to maintain its long-term stated ambition to continue to own the finest cricket ground in the world," said Colin Maber, the chairman of a ground working party which has spent the past 12 months researching the "Masterplan." The ground is looking tired in places and somewhat under-loved and it is vital MCC provides an outstanding experience for visitors to Lord's. The first phase of building, costing £90 million, will be funded from the club's coffers with the second part boosted by "sensible levels of borrowing." Other cricket grounds in England have incurred huge debts while rebuilding and upgrading facilities but in a film posted on YouTube and shown to members on Wednesday, Maber insisted the MCC would not make the same mistake. "We are proposing a Masterplan that can be undertaken on a low risk, self-funded basis," he said. The phasing allows for flexibility in expenditure which ensures we will never be financially overcommitted. We are not under any undue pressure to undertake redevelopment so if our financial position becomes tighter our time lines can simply extend. We can build when we can afford to do so. The question is if we had a £100 million windfall what would we do differently? My answer is nothing. Therefore we don't have to sell the family silver. The final comment is a thinly-veiled reference to the long-standing row over developing the Nursery End on land owned by the Rifkind-Levy partnership which leases it to the MCC. Last month, the MCC's committee turned down a £100 million deal to build a residential development on that part of the ground. Despite Wednesday's announcement, the row is likely to rumble on. A disaffected group of members were recruiting support on Wednesday to force a special general meeting on the issue. Brewer is due to meet Rifkind-Levy next week, signalling that a deal is not yet dead and buried. Funding the project will be a challenge for a private members" club, even one as wealthy as the MCC, and it will be crucial the ground continues to host two Tests matches every year, a highly lucrative source of income. The present staging agreement with the ECB runs out in 2017 and there will be competition from other grounds to try to grab a larger slice of the England pie. It is one reason why the MCC cannot close the ground for refurbishment and Maber insisted it would be "business as usual" during any building works. Lord's is the cathedral of world cricket but it has begun to look a little shabby in parts in recent years and outdated in terms of the facilities for fans. Building work will include a new "Food Street" and better access around a ground which becomes very congested when it is full. The iconic Grace Gates will be closed for three years while the Pavilion End is redeveloped and gates at other points in the ground will be expanded to speed up entry for ticket holders. Brewer has experience of redeveloping grounds before during his time as chief executive of Nottinghamshire and it is no surprise the Lord's Masterplan closely resembles the manner in which Trent Bridge was upgraded. The next step will be to begin talks with Westminster Council over planning permission and to commission architects to design the buildings. Meanwhile, Mike Gatting has been named as the MCC's next president. Gatting, who played 79 Tests for England, spent his entire 23-year county career with Middlesex.