The phased plan will start with the redevelopment of the Warner Stand in the autumn of 2014 and finish with the reconstruction of the Compton and Edrich Stands in 2027.

The MCC estimates that the entire project will cost between £180m and £200m.

The first phases of development – totaling £90m from 2014-2019 – will be funded entirely from the Club’s own resources.

The remaining phases – from 2021-2027 – will be funded through a combination of MCC funds and “sensible levels of borrowing.”

The Masterplan includes:

• Rebuilt Warner, Tavern & Allen, Compton and Edrich Stands;
• The resiting of the Nursery Ground towards the Wellington Road, over the Club’s leasehold land;
• A new entrance on Grove End Road which will be the main point of access on non-match days, and will supersede the Grace Gates as the Members’ entrance on match days;
• Extensions to the Pavilion to reinstate its symmetry and establish more pitch-facing facilities for players and match officials;
• An increase to the capacity of Lord’s by 2,700 to 32,000;
• New buildings at the North, East and Grace Gates incorporating banqueting facilities, retail space and offices for MCC and ECB staff;
• A new Food “Street” behind the Compton and Edrich Stands to replace the existing Food Village; and
• New, subterranean car-parking, access routes, waste management, catering and storage facilities.

The first phase of construction work will add 2,700 new seats.

MCC President, Mike Griffith, said: “This Masterplan has cricket at its heart. Every MCC Member cares deeply for our wonderful Ground, and we have a duty to ensure any changes made to Lord’s reflect the love we have for cricket, its history and its heritage.

“Lord’s is the Home of Cricket and this Masterplan will reinforce the special place the Ground has within the game by making it even better for every player and spectator who comes here.  This is an incredibly exciting day not just for MCC, but for cricket lovers all over the world.”

Colin Maber, the Chairman of MCC’s Ground Working Party and Estates committee, said: “The Masterplan has been designed to provide a framework within which Ground development over the next 15 years can be set.

The first planning application for the new Warner Stand and the new Garden Entrance at Grove End Road will be submitted to Westminster City Council at the end of this year.

Approval for these projects will be sought from MCC Members in the spring of 2014, upon receipt of planning permission.