The MCC have reaffirmed their commitment to a scaled-down redevelopment of Lord's following a meeting of its committee on Wednesday.
Plans to follow the committee's November decision to develop the club's freehold land only, and with its own resources, have taken a step forward following a revised £110million offer from property developers Almacantar.
The offer - of which £10m will be contributed towards supporting young cricketers - will see a residential development of 275,000 square feet on the club's leasehold land at the Wellington Road end of the ground.
"The committee has confidence in the club's ability to self-fund a redevelopment scheme on MCC's freehold land, and to continue to invest large sums in youth cricket at home and abroad," MCC chairman Oliver Stocken said.
"It believes this is the best way to ensure Lord's maintains and enhances its reputation as the pre-eminent cricket ground in the world and for MCC to demonstrate its commitment to all levels of the game."
MCC president Phillip Hodson is due to write to members to detail the offer, while it was also announced the long-term plans for Lord's would be discussed at the club's AGM on May 2.
