Kent County Cricket Club chairman George Kennedy loans club more money for St Lawrence Ground redevelopment
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Exclusive by Glenn Pearson
Kent chairman George Kennedy has
loaned the club another significant sum of money to help finance
the next stage of the St Lawrence Ground redevelopment.
It’s the second time the club’s
chairman has dipped into his pockets to help bail the county out
after having loaned a six-figure sum in 2010 - which he says has
yet to be paid back.
Mr Kennedy’s revelation comes a week
after Kent secured an additional £1.5 million loan from Canterbury
City Council, which is to be added to the £4m already lent to the
club in a bid to help finish stage two of the redevelopment of St
Lawrence that includes a Sainsbury’s convenience store, new club
offices and three residential flats.
Asked whether his original loan had
been paid back in full, the chairman said: "No, and I have put a
fair bit more in as well, but that is really just a cash flow
problem to keep us going until we get the hotel up and running and
we get the money in from that.
"If we had stopped all the building
work we would have had to get the builders back when we did have
the money - so what we have done is helped to finance it in the
meantime to make sure the building work continues and can be
completed, so I put a bit more money in."
The club are due to meet with an international hotel operator
again this week as they look to conclude the final piece of the
redevelopment project.
For the full story, see today's Kentish
Gazette.
Wednesday, January 18 2012
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