Grenada to earn EC$5.9 million profit from tournament

ST GEORGE’S, Grenada, Dec 15 – Grenada’s government says it stands to make a profit of EC$5.9 million (US$2.1 million) from hosting its leg of next year’s Cricket World Cup. Finance minister Anthony Boatswain made the announcement as he presented the 2007 budget of EC$632.5 million (US$234 million) to parliament Friday. “In keeping with the Host Venue Agreement, all gate receipts belong to the host government,” Boatswain said. “In the case of Grenada, Mr. Speaker, our Stadium has a seating capacity of 16,000; the average price of a ticket is EC$195.75; and the games are to be played over a six day period. “If we assume a 100 per cent attendance on each day, then government can collect EC$18.8 million from gate receipts alone. When we subtract EC$12.9 million in expenditure incurred to date, there is a profit of EC$5.9 million.” The Finance Minister said the expenditure included EC$6.5 million for preparation and secretarial support; EC$2.7 million in preparatory works; EC$3.3 million for rural sport facilities; EC$300 000 for cultural activities and EC$100 000 in craft initiatives. He said expenditures related to security and anti-doping were covered by CARICOM. Boatswain also revealed that the US$40 million cricket stadium being constructed to stage matches during the tournament, had been a gift from China. “The cost of the stadium, which is approximately US$40 million, is a gift to the People of Grenada from the government and People of the People’s Republic of China,” Boatswain said. Grenada will host Group B matches in the Super Eight, second round from April 10-21.