Surrey County Cricket Club is to issue a bond as part of plans to modernise its Kia Oval ground in London.

As well as the bond, it will finance the rebuilding of the new Peter May Stand, which will add 1,300 seats, through club reserves and a bank loan.

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

There will be a priority application period for club members.

They can apply from the opening of the bond on Monday, 17 August, until Monday, 14 September, before it is then offered to the club's wider supporter base.

The new Peter May Stand will take the venue capacity to beyond 25,300.

In addition, Surrey says that spectator facilities will be improved with extra catering units, toilets and much-needed circulation space and undercover areas.

The neighbouring Lock Stand is to be demolished, but the Club is renaming the Laker Stand as the Lock/Laker Stand, in honour of the famous spin partnership of Tony Lock and Jim Laker.

The development will cost in the region of £10m, with work starting and the end of the current season, and set for completion by May 2016.

 

bbc.com

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