Warwickshire County Cricket Club Test targets could be optimistic
Members considered Deloitte’s findings behind closed doors over a week ago before approving the loan.
They decided to take a charge out on the Edgbaston ground to protect the council in the event of the club being unable to repay the loan.
Club officials insist the refurbishment – including floodlighting, new stands, hospitality suites and media centre – is essential if Edgbaston is to see off competition from rival Test match venues. Ground capacity will increase by 5,000 to 25,000.
An “enabling development” on club land consisting of houses, flats, hotels and leisure facilities, will help pay for the ground improvements.
WCCC chief executive Colin Povey said he did not accept there was a high risk of the club failing to secure sufficient Test matches.
Mr Povey insisted the Deloitte report demonstrated the importance of going ahead with the ground improvements.
He added: “Our targets are achievable. There are more international games becoming available.”
Deloitte’s report discloses that the club is only investing just over £1million of its own money into the project.
Most of the £32million will be met by the £20million council loan and £9.75million from regional development agency Advantage West Midlands.
The Deloitte report warns: “There is a key risk that WCCC may not be awarded as many major matches as it is forecasting.”
However, the auditors concede that the risk of Birmingham losing Test cricket increases considerably if the redevelopment does not take place. City councillor James Hutchings said he was “very disturbed” by Deloitte’s findings.
Coun Hutchings (Con Edgbaston) added: “If it is such a wonderful scheme commercially, the commercial sector could have found the money before the credit crunch set in.”
The club is still waiting on planning permission for the scheme.
