The Government of Antigua and Barbuda and the West Indies Cricket Board, WICB, are jointly buying the Stanford Cricket Ground and Sticky Wicket restaurant.
The properties belonged to the Stanford Development Company. That company was one of the businesses owned by jailed Texan financier, Allen Stanford.
The properties are being sold for 7.5 million U.S. dollars. The cost will be split between the government and the WICB.
Prime minister Gaston Browne says the WICB will contribute 4.5 million dollars of the cost – giving them a 60 percent share.
The Government will contribute the remaining U.S. three million dollars – owning the remaining 40 percent.
Browne was speaking in parliament on Thursday. He remains optimistic about the purchase and says its commercial value is about twice the price they are paying for it
He also believes that it will help grow the country’s economy and keep the WICB’s headquarters stationed in Antigua.
The prime minister also argues that the government alone could not have maximized the property’s use.
Prime minister Gaston Browne.
There was no debate following resolution of the agreement.