Marylebone Cricket Club (MCC), owner of the Lord's cricket ground in London, has announced plans to redevelop the venue into the 'finest cricket ground in the world'.

The phased plan - estimated to cost up to £200m - will commence 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. When complete, the capacity will increase by 2,700 to 32,000.

The Masterplan has been informed by MCC's ten-year Strategic Plan, which was adopted in late 2012. An MCC Ground Working Party has worked closely with architects Populous in designing the plans.

In a statement, a spokesperson for MCC said: "The Strategic Plan commits MCC to ensure that Lord's is the finest ground in the world.

"Aside from improvements to facilities, the Masterplan reflects the importance placed on retaining the size of both the main and nursery grounds as well as establishing individual, architecturally-significant stands."

The first phases of development, totaling £90m from 2014-2019, will be funded entirely from the MCC's own resources. The remaining phases, from 2021-2027, will be funded through a combination of MCC funds and sensible levels of borrowing.