Christchurch City Council considers loan for Hagley Oval floodlights

To initiate the installation of new floodlights in Hagley Oval, Christchurch City Council is considering giving the Canterbury Cricket Trust (CCT) a loan. The new floodlights are needed for Christchurch to host matches in the 2021 Women’s Cricket World Cup.

The lights, which are needed to meet international broadcasting standards, are expected to cost about $4.25 million. At the start of February CCT had raised $1.25 million towards the cost of the lights. It has applied to the Council for a $1.5 million loan to help it meet the $3 million shortfall.

Christchurch has been awarded hosting rights for eight matches in the World Cup, including the final. The event will bring cricket fans from around the world to Christchurch and is expected to pump $5 million into the city’s economy.

The city’s hosting rights though are conditional on new floodlights being installed at Hagley Oval.

On Thursday 5th March, the Council’s Finance and Performance Committee will consider a report from Council staff which recommends granting CCT the loan.

Staff are recommending the Council charge interest on the loan so that all the costs of the Council’s borrowing are repaid. That means the provision of the loan will come at no cost to ratepayers.

Staff are also recommending the loan is secured against the built assets of CCT and that CCT repays it within a four-year period.

Read the full report here.