CPL underlines tremendous socio-economic benefits for region’s economies

– Govt involvement critical to survival

By Michael Younge

High-ranking officials of the Hero Caribbean Premier League (CPL) have underscored the important role that regional Governments can play in boosting the tournament while deriving positive socio-economic benefits that could have long term impacts on their developing economies.

Speaking during an interview with the Guyana Times International on Saturday, the Chief Financial Officer of the Caribbean Primer League, Barrie Corcoran, said that it takes a huge amount of investment to stage the tournament each year and to deliver on the exceptional standards associated with international cricket.

Corcoran stated that each year some US$25 million is invested into CPL just to ensure that it is hosted successfully as he explained that, if all Governments in the region were to get on board where necessary, the event could grow at an unprecedented rate, which in turn would see massive gains being derived by their economies.

“We offer a lot”, he said before listing that over the last three years, countries who have stakes in the tournament have managed to tap into the direct benefits associated from sports tourism, increased tourist arrivals and the promotion of their eco-tourism products to an international audience.

He reasoned that Governments also benefit from the fact that over 66 million people view the tournament around the world. “It is important that Governments hold hands with us and build this together…it is a partnership”, he insisted explaining that the venture will achieve all of its objectives if all come on board.

CPL’s Chief Operations Officer, Pete Russell, also explained that Governments who are supportive of the venture stand to gain more than to lose in any instant.

Dispelling rumors that the local franchise holders reap enormous personal benefits or returns from CPL when Governments pay fees as part of established agreements, Russell said this was far from the truth.

He explained that CPL is a private/public partnership initiative that is owned by several stakeholders. “The league is probably owned, in collaboration with the WICB (West Indian Cricket Board), Digicel are the majority owners of CPL…there are one or two minority stakeholders who are individuals….the WICB also has its stakes,” he explained as he attempted to clarify a misleading report which emanated in a section of the Guyanese press recently.

“I have heard reports that Bobby Ramroop is the owner of CPL, but that is not the case. Bobby Ramroop is the owner of the Amazon Warriors. He owns the franchise down here…all his investment goes into the team, so there is no money that comes or that he gets from CPL,” he further clarified.

He said that CPL sees the role of the Government of Guyana as crucial because of the axiomatic relationship that exists between t//he sport and the interest of its citizens, as well as the direct benefits that are procured in the end.

He said that discussions between CPL and the current Government of Guyana was ongoing and cordial, while noting that the Government is doing the right thing to ensure that they are reaping the benefits that they should from existing agreements. “I think they have done the right thing. They have done their due diligence in full…They wanted to make sure that those agreements were delivered by CPL…We are obviously debating and discussing the long term future…For us it is very important that CPL is a major factor in Guyana,” Russell noted.

He said that the new Governments in St Kitts and Antigua also ensured that they were getting value for money expended as part of their agreements with CPL, which predated their entrance into Government. “It’s a learning curve for everyone,” he insisted before noting that Government remains a key part of the partnership.