Published: 13th August, 2015
Surrey County Cricket Club has unveiled plans to complete the modernisation of the Kia Oval by rebuilding the Peter May and Lock Stands at the end of the 2015 season.
The stand will add an additional 1,300 seats, bringing the capacity of the Kia Oval in excess of 25,300. In addition, spectator facilities will be vastly improved with extra catering units, toilets and much needed circulation space and undercover areas.
To add to the fans’ match day experience, a roof terrace area has been designed for the use of Surrey Members at domestic games (including the NatWest T20 Blast) and hospitality at major matches. Construction on the project is due to be completed by May 2016.
The stand will continue to be named after the great Peter May, who led Surrey to their sixth and seventh consecutive County Championships in 1957 and 1958 and also captained England from 1955 to 1961, winning the Ashes in 1956.
Although the neighbouring Lock Stand is being demolished, the Club is renaming the Laker Stand as the Lock/Laker Stand, continuing to honour the incredible contribution made by the spin partnership of Tony Lock and Jim Laker, who collectively took 3,108 wickets for the club.
The Club’s commercial performance has been strong in recent years; T20 revenue has doubled since 2012 to over £3million (with nearly 120,000 fans coming into the Kia Oval for the 2015 NatWest T20 Blast), annual revenue from conferencing and events has risen from £1.8m in 2012 to over £4m in 2014 and Membership income has increased from £1m to £1.7m in the same period.
These income streams, combined with guaranteed international cricket – including the final of the ICC Champions Trophy in 2017 and the opening fixture in the 2019 ICC Cricket World Cup – provide a strong platform for the future.
The Surrey County Cricket Club Bond
The club intend to finance the building of the new Peter May Stand with a range of commercially sensible options – one of which is the Surrey County Cricket Club Bond. Surrey are looking to raise £3.5m from the Surrey County Cricket Club Bond, which is a fixed five year term investment offered at 5.5% gross interest per annum.
Club Members will benefit from a priority application period from the opening of the bond on Monday 17th August until Monday 14th September (as determined by the Register of Members for the 2015 and/or 2016 cricket seasons at 5pm on 14th September 2015), before it is then offered to the club’s wider supporter base.
Further Development Plans
The Club has planning permission to further improve the stadium following the completion of the new Peter May Stand and is working on a development provisionally titled One Oval Square.
The building, which will be behind the Laker Stand, will comprise of improved spectator facilities and two floors of office space to create a business hub for sporting and creative organisations.