Leicestershire have entered a new era with the signing of an agreement with Investors in Cricket (IC) to drive the commercial side of the club.

The seven-year deal will allow the county to concentrate on the on-field side of the business while IC will seek to make the commercial side more lucrative, streamlined and efficient.

A statement from IC outlined what its aims were. "Together [we] will focus on bringing more commercial discipline to existing revenue streams, developing non-cricket revenues and harnessing passion for the game throughout Leicestershire, including the Asian community. Leicester, where almost 30% of the residents are of Indian origin, has the highest proportion of British Asians of any local authority area in the UK, and at present membership of the club does not reflect the ethnic mix of the community. "

The agreement will mean that Andy Hosie will become the commercial director of Leicestershire and, reporting to the chairman, will take charge of all commercial and administrative matters. The deal will see the county pay IC a performance-related fee as well as taking an equity stake in the business.

The first tangible sign of the new relationship is the pre-season tour of India and Pakistan which is being arranged and sponsored by IC.

IC is a venture that has been created by a group of leading businessmen and entrepreneurs, who share a passion for cricket and a desire to see the game put on to a stronger commercial footing. IC's business model is built around high-calibre commercial executives, a wide ranging network which offers financial and sporting expertise, and innovative technology.

Hosie, until recently, the head of commercial at Everton FC, is joined by Alex Balfour who is a former chairman and co-founder of Cricinfo.