Marylebone Cricket Club (MCC) has announced that it has decided to pursue a "stand-by-stand" redevelopment of the iconic Lord's cricket ground in St John's Wood, London.

Earlier this year, discussions began with property group Almacantar with a view to a £400m redevelopment to include a residential element at the Nursery End of the ground.

However, the MCC has now agreed to "focus on" a phased overhaul of the venue, which it said is likely to start with the rebuilding of the Tavern and Allen stands at the Pavilion End.

The revised plans will now only include the club's freehold land, with Lord's major match allocation over the coming years giving the MCC the confidence to pursue the scheme.

Once the new development plans are drawn up alongside a "sustainable" business plan, the MCC plans to consult with the local community and planning authorities.

MCC chair Oliver Stocken said: "The club was awarded the Platinum Package of major matches by the ECB in September 2011, and that has provided the committee with the confidence to fund a redevelopment scheme on the club's freehold land, on its own."