TORONTO, July 8, 2014 /CNW/ - The Canadian Premier League T20 has secured financing for the construction of a 35,000-seat world-class covered stadium for international cricket. Designed by WSP Canada/Architecture 49, the stadium will be the first purposed-built covered cricket facility in the world with a natural grass surface and a fixed roof that will allow for maximum sun exposure.
"This is an exciting step forward for our organization," said Toronto entrepreneur Roy Singh, CEO and Chairman of the Canadian Premier League T20. "With this financing we can now move to the next phase of selecting a site and securing further investors for this ambitious project."
"We at Avcom Investments Inc are excited to work on behalf of Roy Singh to facilitate the syndicated funds for his state of the art Stadium that will be a landmark for Toronto's cricket fan base," said Avcom Investments Inc's Mark Edwards.
League executives are currently examining several potential locations in Toronto and the surrounding suburban Greater Toronto Area. Finding a large enough property to build such a stadium has been a more difficult challenge than initially anticipated, said Bob Mitchell, President of the Canadian Premier League T20. "Our plan is to have this stadium built and ready for international cricket within four to five years," Mitchell said. "There isn't a stadium anywhere in the world like the one we intend to build."
While the search continues, the league plans to launch its inaugural season next August and September with 10 teams playing a 45-game schedule along with three playoff games. "We're looking at several options, including constructing a temporary stadium within the suburban Greater Toronto Area but we might have to start in another city if a location can't be found," Mitchell said. "Other cities have expressed an interest in having us play next summer. We expect to make our decision by the middle of August."
Each team will consist of eight Canadian professional cricket players plus three international players. "By attaching immediately recognizable cricket celebrities to our League we can instantly connect to a world-wide audience," Singh said. "Our games will be televised internationally as well as throughout Canada. We believe the CLPT20 will quickly become a household name in Canada and around the world."
International and local investors continue to be sought to raise the necessary financing for the inaugural season and beyond. Singh is seeking to raise $10 million for a 49 per cent equity stake in the Canadian Premier League T20 (CPLT20), which is structured as a Limited Partnership and has various tax benefits to investors.
"We believe we will potentially be in a positive cash flow situation within three to four years," Singh said. "Investors will be the first to be repaid after they help build a strong league during its early years."
Image with caption: "$700 Million Cricket Stadium Financing Secured! (CNW Group/Canadian Premier League LP)". Image available at: http://photos.newswire.ca/images/download/20140708_C1940_PHOTO_EN_4140.jpg
SOURCE: Canadian Premier League T20 LP