Ground improvements to be fast-tracked by ?ú700,000 council loan

Leicestershire County Cricket Club’s plans to further improve the Fischer County Ground are to be fast-tracked again thanks to a £700,000 loan from Leicester City Council.

The funds are being borrowed against guaranteed future income from the England and Wales Cricket Board (ECB) which will enable the full repayment of the loan to be made to the city council in 2018.

It is the same ECB guarantor scenario of the previous £1m loan that was borrowed from Leicester City Council in February 2016. The £1m loan enabled ground improvements to be made ahead of the ICC Women’s World Cup 2017 and was repaid in full and early, at the end of last month.  

As part of the agreement, Leicestershire CCC paid a 5% interest rate on the £1m loan and will pay the same amount to the city council on the £700,000 loan.

Each of the 18 first-class counties will have received the same amount of funding from the ECB by the end of 2018 but this arrangement allows Leicestershire CCC to kick on with ground redevelopment.

Leicestershire CCC Chief Executive Wasim Khan MBE said: “It is fantastic that we are again receiving support from Leicester City Council. I’d like to thank the city council for their continued support, which is of great help to the club’s 5-year Business Plan.

“The £700,000 loan will work exactly the same way as the £1m loan did in February last year. Given that we have repaid the £1m loan earlier than initially anticipated, we have decided to borrow £700,000 against guaranteed future income that will be received from the ECB in 2018. It is another short-term arrangement rather than merely borrowing £700,000 as a long-term liability.

“The loan will again allow us to fast-track our investment in ground modernisation to ensure that we are capable of maximising income streams, which is vital to making the club sustainable and competing with other counties.

“Leicestershire CCC announced a net profit for the second successive year last Monday and I am delighted with the progress we are making from a financial perspective. This loan will further accelerate our ambitious plans in a competitive county market.”