WACA secures its Home and Financial Future
Friday April 13, 2007
|Proposed new look for the WACA Ground.|
THE Western Australian Cricket Association today announced a major new strategic partnership that will secure both the WACA Ground as the home of cricket in Western Australia and the financial future of the Association.
The WACA and Ascot Capital Limited, the operators of Jandakot Airport, have signed a heads of agreement that will see the historic WACA Ground transformed into a stunning 30,000 seat venue for international and domestic cricket as well as being home to two residential towers, two office blocks and a retail and entertainment precinct.
When making the announcement at the WACA Ground WACA Chief Executive Officer Graeme Wood said that today would go down as a momentous day in WACA history.
“This is quite simply one of the most important announcements in the proud history of the Western Australian Cricket Association,” Wood said.
“Today we have secured the world famous WACA Ground as the home of cricket in Western Australia and we have done it while also securing the financial future of the sport.
“The WACA is an iconic ground in world cricket and an important part of WA’s sporting history so I am sure most West Australians will agree that this development is a fantastic result for WA sport.”
Ascot Capital Limited said that it was delighted to be involved in a development that will see an iconic Western Australian institution remain standing.
The development proposal combines an exciting mix of commercial development and the retention of the WACA as a world class facility.
The partnership between the WACA and Ascot Capital Limited will see the WACA Ground’s capacity increased by 6,000 and also creates long term revenue opportunities for the Association.
WACA Chairman David Williams said the partnership provides an outstanding package to the WACA whilst achieving the WACA Board’s stated aim of keeping cricket at the WACA Ground.
“That we are in this position is due to the efforts of our President, Dennis Lillee, who has relentlessly pursued our vision of utilising part of our land bank in partnership with private equity and he is responsible for creating this wonderful opportunity,” Williams said.
“The principals of Ascot, David Van der Walt and Greg King are lovers of cricket and we trust we will all provide them our support for this courageous project which will be of great benefit to cricket in Western Australia.”
The development proposal requires modest financial Government support to modernise lighting facilities at the redeveloped ground and for the creation of a Centre for Cricket Excellence at The University of Western Australia’s Sports Park in Floreat.
The Centre for Cricket Excellence forms a crucial part of the development plans as the existing practice facilities (both indoor and outdoor) at the WACA Ground will be lost in the redevelopment.
“There are many issues to be overcome as with any major project,” Williams said.
“That said nothing was won without overcoming challenges and on behalf of Dennis and the Board we can assure you we are absolutely committed to this project.”
A three to four year time frame has been put on the development project.
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