LANCASHIRE have signed New Zealand international all-rounder Nathan McCullum for their forthcoming Friends Provident Twenty20 campaign.

The 29-year-old brother of Brendon will link up with the county next week, which means he will not be able to join Australian batsman Simon Katich in making his debut in tonight’s opener against Durham Dynamos at the Riverside.

But good news for the Red Rose has been followed by bad with the club announcing a record loss of £546,000 after tax for the 2009 financial year.

Chief executive Jim Cumbes cited the club’s ongoing redevelopment of Old Trafford and the lack of a Test match at the venue last year as the primary reasons for the loss. And he used the announcement of the figures as an opportunity to outline the dangers facing all counties in the coming years.

Cumbes does not agree with the ECB’s current bidding process for international fixtures, but believes Lancashire are in a healthier position than some others due to their hosting of pop concerts and corporate events. He even admitted it would not surprise him to see a county go bust in the near future.

“It’s always possible,” he said. “Yorkshire are in a lot of debt at Headingley, Durham are in a lot of debt, we’re in debt now. We’re not fearful, that’s why we built the Point. If the bidding process is to continue as it is, some grounds more than us can’t afford what they think is being asked. Trent Bridge’s staging agreement finishes next year and they’re frightened to death because they have no source of income other than cricket.”

McCullum, meanwhile, should make his debut against Northamptonshire Steelbacks at Old Trafford on Wednesday, and will be available for the rest of the Lightning’s group stage matches at least.

He is a hard-hitting middle order batsman who has scored 785 runs in 53 matches. He has also taken 55 wickets with his is off-spin.

Having featured prominently at the recent World Twenty20 in the Caribbean, McCullum, who has played 22 T20 internationals for the Black Caps and come as a replacement for Shoaib Malik, said: “I’m really excited at the prospect of joining Lancashire.

“Twenty20 is a form of the game I really enjoy, so hopefully we can have a successful campaign and go the distance. I’ve heard great things about Lancashire as a club, and can’t wait to get over there.”