Hove Developments On Hold Pending Revised Cost Plan
Sussex County Cricket Club today confirms that they have received notification from HMRC that the Spen Cama legacy of £12m will not be subject to corporation tax.
Gus Mackay, Chief Executive said; "We are delighted with the decision and we were always confident of the outcome." This decision ensures the long term financial future of the Club and more importantly, will allow a ground development project to take place. However, the Club is in the process of finalising the tenders for the Gilligan Stand development but initial indications are it will exceed the Club’s budget.
Therefore, the Club’s Board agreed in a meeting last week to revisit the master ground development plan and therefore any development will be delayed pending a revised cost plan.
Sussex CCC Chairman, David Green said, "now that the HMRC investigations have been concluded, this is an ideal opportunity to revisit our master plan. We are mindful that cricket is growing in popularity, both in England and internationally, and therefore we need to develop facilities that meet the potential demands.
"Our recent success has placed the Club at the heart of the community, therefore were want to provide a facility that we are all proud of in Sussex. Therefore, the Board, Chief Executive and management team will revisit and work with the contractors on a revised cost plan which will be approved in the coming months."
© Sussex CCC