Former governor of the Bank of England Mervyn King will take over as president of Marylebone Cricket Club later this year, the MCC announced on Wednesday.

King, who led the UK's central bank for a decade before retiring in 2013 and sits in parliament's unelected House of Lords, will take up his post in October.

The MCC owns Lord's cricket ground in London and is the custodian of the laws of the game.

King, 76, was nominated for a 12-month term by incumbent Mark Nicholas, who is set to take up the role of chairman.

"It is an extraordinary honour to be asked by our current president to serve as the next president of MCC," said King.

"I look forward to serving the club and to promote the interests of our members and of the game so many of us love."

Nicholas, the former Hampshire captain, said: "Mervyn's love of cricket knows no boundary. Indeed, his love of sport extends to an equally enthusiastic enjoyment of both football and tennis.

"His calm authority and considerable wisdom carried the country through the global financial crisis of 2008 and now I feel sure that he will bring the MCC membership with him through a time of great interest and opportunity at the club."