The redevelopment includes a 175-bedroom hotel

The �40 million redevelopment of the Rose Bowl will start in the new year as planned despite the credit crunch.

Last week Kent put their plans to upgrade their Canterbury ground on hold due to the financial crisis.

But Hampshire chairman Rod Bransgrove told BBC Radio Solent: "Work will take place in the new year anyway and I hope we will be starting on the hotel too.

"A lot of the work that we've done already secures and underpins the development project."

Bransgrove added: "Clearly there is still an amount of money to be raised, we have to raise more equity as the banks won't lend as much.

We are having to go out and raise a significant piece of equity but we are along way down the route and still pretty hopeful Rod Bransgrove

"A lot of the money is bank borrowings, two years ago you'd have been able to borrow 85 to 90% of a project, now you'd be lucky to get 70%.

"We are having to go out and raise a significant piece of equity but we are along way down the route and still pretty hopeful."

The proposed new hotel will consist of a 175-bedroom, four-star resort built over-looking the playing area.

Permanent seating in the ground will increase from 10,000 to 15,000.

Meanwhile the existing nine-hole golf course will be developed into an 18-hole championship course.

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