Expansion boosted with £1m council loan
Thu 25 Feb 2016
Leicestershire County Cricket Club’s plans to improve its grounds in readiness for the International Cricket Council’s Women’s World Cup 2017 are to be accelerated thanks to a £1 million loan from the city council.
The council will charge the club 5% interest on the loan, which is to be repaid in full with funds from the England and Wales Cricket Board (ECB) in 2018.
The money will enable the club to improve facilities at the ground, including its stands and food outlets, in order to provide a better experience for the increased crowds expected for forthcoming big matches.
Leicester’s City Mayor Peter Soulsby said: “The cricket club has ambitious plans which will help to attract more people to attend matches, and will raise the profile of the club and the city across the country.
“Having successful sports clubs brings major benefits to the city, as the recent success of Leicester City Football Club has shown. By providing this loan the council can help the cricket club to fast-track its improvements, and we will earn interest on the repayment.”
Wasim Khan MBE, Chief Executive of Leicestershire County Cricket Club said: “We have a robust business plan and want to improve the experience of coming to the Fischer County Ground, Grace Road as quickly as we can.
“Our plans include improving public Wi-Fi, increasing the number of quality food and drink outlets to reduce queuing, and developing our existing stands all around the ground. We also want to restore the Maurice Burrows Balcony to give supporters a great view of the action.
“It’s imperative that we drive forward these plans as quickly as possible, as we are hosting major match days in the next two years, including our popular NatWest T20 Blast games and the ICC Women’s World Cup in 2017. That event will help inspire a generation of young cricket supporters and will encourage more female cricketers to take up sport in the city of Leicester.
“With that in mind, we are delighted that the city council is lending us the funds we need to accelerate our plans. The loan will be paid back in full in 2018, and we’d like to thank Leicester City Council for supporting our ambitions.”
The loan will be secured by a formal legal agreement which will be entered into with the ECB and the cricket club.
In February 2014 the council lifted a 50 year-old covenant restricting development on the club, to help it progress its development plans.
