The government and the West Indies Cricket Board have partnered to purchase the Stanford Cricket Grounds and surrounding properties for US$7.5 million.
The joint venture, which will see the government owning 40 per cent of the shares to WICB’s 60 per cent stake, is expected to attract more premier sporting events.
Under the Memorandum of Understanding (MOU), a company called Coolidge Cricket Grounds Inc was formed and will jointly owned by the government and WICB.
Both entities under the MOU will acquire certain properties in Coolidge and Barnes Hill (four parcels of land), which were held by the disgraced investor R Allen Stanford, and which are in the hands of court-appointed liquidators. They include the Car Park, Sticky Wicket Restaurant and The Athletics Club.
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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/