Cricket Club receives £1.75m loan to expand facilities
Leicestershire County Cricket Club has received a £1.75 million loan from Leicester City Council which it will use to expand its facilities.
The Grace Road-based Club is looking to grow its profile on a national level, promote cricket in the local area and potentially become a go-to outdoor venue for non-match day events such as concerts.
The funding, which will also support the internal refinancing of the club, adds to an existing loan of £700,000 from the City Council, bringing the total loan to £2.45 million.
The Club will repay the Council over the next ten years.
Ian Ilersic, a partner and banking expert at law firm Howes Percival who acted for Leicestershire County Cricket Club in relation to the loan, said: “Leicestershire County Cricket Club is an important part of professional sport in the region. Sport and entertainment can deliver a wide range of benefits to a community including economic growth.
“This loan, which is a further demonstration of the Council’s support for successful sports clubs in the city, will enable the Club to further develop its facilities, grow cricket in the area at both a professional and recreational level and help raise the profile of the club nationally.”
Photo: Cropped version of Grace Road Pavilion by Marplesmustgo [CC BY-SA (https://creativecommons.org/licenses/by-sa/4.0)]