Lancashire County Cricket Club is looking to raise £3m to develop a four-star 150-bed hotel at the Emirates Old Trafford ground in Manchester, replacing the current Old Trafford Lodge venues.
It is part of plans to reduce the club's reliance on cricket match revenues, having already grown its conference and events sales by 20% over the past year.
In the previous financial year, the 150 year-old club posted an operating profit of £3.54m on a turnover of £19m.
The figures were boosted by the return on international cricket to the Emirates Old Trafford, which underwent a £45m redevelopment.
Chief executive Daniel Gidney said, 'Our vision is for Emirates Old Trafford to provide one of the best sports, entertainment and business experiences in world cricket. An attractive, contemporary hotel that will appeal to corporate visitors and private customers alike is central to this aim.”