Leicestershire County Cricket Club has secured a £1.75m loan from Leicester City Council.
The loan, which is to support internal refinancing of the club and to improve facilities, is in addition to an existing loan of £700,000 from the City Council, bringing the total loan to £2.45m. Leicestershire County Cricket Club will repay the loan over the next ten years.
Ian Ilersic, a partner and banking expert at Howes Percival who acted for Leicestershire County Cricket Club in relation to the increased 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. Improving facilities will also help the Club meet its ambition to be an outdoor venue of choice for non-match day events such as music concerts.”