Borough Council to lend £1.23M
to county cricket club
At its meeting on 20 September, Rushcliffe Borough Council voted to lend £1.23 million to Nottinghamshire County Cricket Club, to develop its ground at Trent Bridge so that it could meet the standards required for the continuation of Test Match cricket. Similar sums are being advanced by Nottingham City Council and Nottinghamshire County Council. The rate of interest will initially be 5.9% and no repayments will be required for 5 years.
There was only vote against the decision - by myself. I explained that, while I recognised the importance of the cricket club to Rushcliffe and the local sporting scene, I did not regard the loan as an appropriate use of public money. I also referred to the uncertain financial climate in which the club operated, and I said that such financial support is better provided by the banks.
The scale of this support is indeed considerable, representing about £30 on the borough precept for each Band D house. What do you think? Is the council justified in lending taxpayers' money to a commercial undertaking? Does this represent a good deal for the council-tax payer? Please mail me if you have opinions for or against the loan.
