18th December 2019
Club Statement - 18.12.2019
Leicester City Council (LCC) has officially indicated its support in granting Leicestershire County Cricket Club a loan of £1.75m which it is intended will be signed off on 30 December 2019.
The loan, which is to support some internal refinancing and further investment into the club, is in addition to an existing LCC loan of £700,000. Leicestershire CCC will repay the £2.45m over the next ten years. An earlier loan of £1m, approved by LCC in 2016, has since been repaid in full.
Leicestershire County Cricket Club Chairman Mehmooda Duke MBE DL said: “Leicestershire County Cricket Club thanks Sir Peter Soulsby and Leicester City Council, one of our key and longstanding stakeholders, for the continued support of our future plans.
“The loan is part of a financial restructuring of the club and provides a sound financial platform from which to move forward both on and off the field of play.
“We have placed diversity, inclusion and community at the heart of our new five-year Business Plan and we are committed to making a significant difference to the lives of the people of our City through our plans for growth.
“This is growth of the professional and recreational game, promoting the growth of cricket for women and girls, developing young cricket talent across the county, and more.
“Our ambition is to ensure that there is something for everybody at Leicestershire County Cricket Club, from cricket at every level to non-matchday events such as the Westlife and Little Mix concerts.
“We aim to be a focal point for local communities. We will continue to work hard, improve our facilities, and work closely with our key stakeholders to make Leicestershire County Cricket Club the outdoor venue of choice.”
Leicester’s City Mayor Sir Peter Soulsby said: “The cricket club wants to continue with a programme of improvements at Grace Road which will help to attract more people to matches, and raise the profile of the club across the country.
“We know very well that having successful sports clubs brings major benefits to our city. By providing this loan we can help the cricket club to continue with its development plans, and we will earn a good rate of return on money that we are not allowed to spend on services.”
Leicestershire County Cricket Club is delighted to have the continued support of both the City Council and the ECB with whom they continue to work closely in respect of its future plans.