Partner Article

Kia Oval expansion takes a step forward

As part of plans to modernise the Kia Oval ground in London, Surrey County Cricket Club will issue a bond.

The club hopes to raise £3.5m from the Surrey County Cricket Club Bond in fund the expansion plans. The bond will be a fixed five-year term investment offered at 5.5% gross interest per annum.

Surrey CCC will finance the rebuilding of the new Peter May Stand, taking the venue capacity to 25,300, through the bond as well as club reserves and a bank loan.

In a statement, the club noted its performance has been strong in recent years. T20 revenue has doubled since 2012 to over £3m (with nearly 120,000 fans coming into the Kia Oval for the 2015 NatWest T20 Blast), annual revenue from conferencing and events has risen from £1.8m in 2012 to over £4m in 2014 and Membership income has increased from £1m to £1.7m in the same period.

These income streams, combined with guaranteed international cricket – including the final of the ICC Champions Trophy in 2017 and the opening fixture in the 2019 ICC Cricket World Cup – provide “a strong platform for the future,” the club says.

This was posted in Bdaily's Members' News section by Ellen Forster .