The MCC Committee met at Lord’s on Wedneday and considered a number of enhancement schemes put before it by its Ground Working Party.
It has decided to focus on developing Lord’s on a stand-by-stand basis, and on the Club’s freehold land only.
Oliver Stocken, MCC Chairman, said:“Since the process of looking at the long-term development began some years ago, the Club has always prioritised the fundamental objective of maintaining and enhancing the reputation of Lord’s as the pre-eminent cricket ground in the world and the global home of cricket.
“The Club also made it clear that the Vision for Lord’s project was subject to both the financial viability of the proposed development as a whole and reaching an agreement with the ECB on the number of major matches to be played at Lord’s in the coming years.
“As reported at the AGM earlier this year, the Club has committed £3 million since 2008 on this complicated project.
"However, the Club was awarded the Platinum Package of major matches by the ECB in September 2011, and that has provided the Committee with the confidence to fund a redevelopment scheme on the Club’s freehold land, on its own.
”This is the course of action that the Committee has today decided to pursue.
“MCC would like to thank Almacantar, the property developers with whom we have been working over the last few months, for their work in presenting possible development options to the Club.
”Ultimately, the Committee agreed on the way forward for the long-term redevelopment of Lord’s, probably beginning at the Pavilion End with the rebuilding and enhancement of the Tavern and Allen Stands, which will provide significantly improved amenities.”
Once the Club has produced a revised development plan, supported by a sustainable business plan, consultations will take place with Westminster, the GLA and other interested parties, including the local community.
At the end of this process, the approval of MCC Members for any scheme will be sought.