BCA will pay only Rs 1 per year for the first seven years, and afterward, it will will share 50% of the profits with the Bihar government after deducting expenses and taxes.
The Bihar government and the Bihar Cricket Association (BCA)on Wednesday signed a Memorandum of Understanding (MoU) which grants the BCA a 30-year lease on the on Moin-ul-Haq Stadium which sets the stage for the redevelopment of the stadium which is set to transform it into a state of art, international-standard sporting complex.
BCA will pay only Rs 1 per year for the first seven years, and afterward, it will will share 50% of the profits with the Bihar government after deducting expenses and taxes.
The stadium and sporting complex, is set to include seating for 40,000 spectators, 76 corporate boxes, 250 VIP boxes, as well as a badminton court, volleyball court, swimming pool, five-star hotels, player hostels, restaurants, clubhouse, and numerous other facilities.
Bihar’s Deputy Chief Minister Samrat Choudhary addressed the signing ceremony for the Memorandum of Understanding (MoU) between the Bihar government and BCA, officially transferring the stadium to BCA. During the event, Bihar Sports Director Mahendra Kumar and BCA President Rakesh Tiwari signed the MoU on behalf of the Bihar government and BCA, respectively.
BCA President Tiwari expressed gratitude and assured them that BCA will fulfill all of the government’s expectations regarding the stadium and sports complex.
“This redevelopment is a huge leap forward for cricket and sports in Bihar. We aim to create a top-tier sports complex that meets international standards. The BCA is committed to meeting all of the government’s expectations in this ambitious project,” Tiwari said.
Addressing the event, Choudhary urged BCA to complete all formalities within two months so that, in the new year, the foundation stone for the stadium’s redevelopment could be laid in the presence of India’s Prime Minister Narendra Modi or Home Minister Amit Shah.
He also announced a waiver of the Rs 37 crore registration fee for BCA, emphasizing the importance of fostering a sports culture in Bihar and bringing cricketers into the mainstream.
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