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Council to consider Glamorgan loan request
Glamorgan County Cricket Club (GCCC) has asked Cardiff Council to provide additional funding worth £1m towards the redevelopment of its SWALEC Stadium.
In November 2006, the council agreed to provide a £4.5m loan to help fund the upgrade of the Cardiff venue, which hosted its first Test match in July 2009. However, GCCC has now requested a additional £1m after the project - initially estimated to cost £9.2m - was completed at a cost of £11.3m.
The council agreed to waive the repayment of £0.5m of the original loan as part of an effort to develop cricket in the city over a five-year period. GCCC had been due to repay the initial loan in January 2028, but is now proposing to pay back the entire loan earlier - by October 2023.
According to the report to go before the council's executive on 17 January, "The council has the ability to borrow the required funding from the Public Works Loans Board (PWLB). "If the support offered by the council is to be cash neutral, then the repayment terms to the club have to match those of the PWLB."
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