The governing committee and the general council of the Greater Cochin Development Authority (GCDA) on Saturday ratified long term leasing of the Jawaharlal Nehru International Stadium at Kaloor and the Ambedkar stadium to the Kerala Cricket Association (KCA) and the Kerala Football Association (KFA) respectively.
The general council chaired by GCDA chairman N. Venugopal approved applications requesting to lease out the international stadium for 30 years to the KCA for conducting test matches, and the Ambedkar stadium to the KFA for 20 years for organising international matches.
The approval comes in the wake of both associations agreeing to the financial terms of the GCDA.
The KCA will deposit Rs. 1 crore in the GCDA’s account towards 30 years’ lease in addition to paying Rs. 10 lakh, with an increase of Rs. 50,000 every year, as annual lease rent. An understanding has been reached to pay security deposit and rent before each match. Rent of Rs. 10,000 has been fixed for utilizing the office facilities at the stadium subjected to an increase of five per cent annually. Prior written permission should be secured from the GCDA before each match.
The maintenance of the ground will be the responsibility of the KCA.
The stadium can be utilized only for domestic and international matches having the approval of the KCA and the KFA.
The KCA had sought the stadium on lease sometime back. Discussions were held for a lease deal of better financial gains to the GCDA and a three-member sub committee was appointed to study the prospects of such a deal. The committee recommended leasing out the stadium after the KCA agreed to the revised financial package terms.
A full-fledged agreement for utilising the Ambedkar stadium for holding football matches for an annual rent of Rs. 50,000 will be signed between the KFA and the GCDA. The KFA will be responsible for readying the turf and installing floodlight system. The GCDA will be entitled to 20 per cent of the returns from the matches.
MLAs Hibi Eden, Dominic Presentation, V.P. Sajeendran, and Jose Thettayil attended the general council meeting.
