'Private' underwriter ensures Hagley Oval plan

Last updated 05:00 15/02/2014

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A private, anonymous underwriter will ensure the Hagley Oval cricket development goes ahead irrespective of whether Canterbury Cricket can raise the required funds in time.

Canterbury Cricket boss Lee Germon said an underwrite was not likely to be required as the Canterbury Cricket Trust's fundraising was going well.

But if they stumble, a white knight will ride in on his or her horse and save the day, ensuring Christchurch will not be in danger of missing out on Cricket World Cup action next year.

"The trust has secured a level of funding to allow the project to be completed," Germon said. "That includes an underwrite aspect to it."

A "private underwriter" who wishes to remain anonymous has promised to chip in for any shortfall in funding.

The Christchurch City Council have chipped in $1 million to help build the embankment and develop the pitch, the latter of which has already been done.

The pavilion will cost $9m while the retractable lights are another $8m, but Germon said that was now likely to happen after the World Cup. The consent to build the light towers lasts five years.

Yesterday marked one year to go before the opening match of the tournament, between New Zealand and Sri Lanka at Hagley Oval.

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- Fairfax Media

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