Former England captain David Gower, who is currently the chairman of New Commonwealth, comes up with a plan to give a chance for the cricket fans to buy a part of Lord’s cricket ground for just £500 (INR around 45,000).
In 1999, Charles Rifkind owned the 999-year lease on a strip of land running the length of Lord’s Nursery Ground for £2.35m at auction. The strip of land is above disused railway tunnels.
The Marylebone Cricket Club (MCC) holds a lease of top 18 inches of the surface from Rifkind and that will expire in 2137.
Due to the long-running dispute over the complicated lease structure between the Rifkind Levy and the MCC, development of that property failed to happen. While Rifkind has an idea of developing two blocks of luxury residential flats on the Nursery Ground, MCC members voted against it.
So now, Rifkind and his new partners New Commonwealth has decided to spread the ownership of their land.
Speaking about the new decision to buy a part of Lord’s cricket ground, New Commonwealth’s chairman David Gower commented, “The idea is that as the title deed to this ground describes it as “a part of Lord’s Cricket Ground”, we are within our rights to offer a part of a part of Lord’s. Each share which is being described as a token, because there will be a physical token as well as a Blockchain token, will operate in exactly the same way as any share in any major company.”
Gower further informed, “In 10 years’ time, they are likely to be paying over half a million pounds per annum just so that a couple of fielders can stand at deep mid-wicket and deep square-leg. And that might not be seen as great value for money when their annual income at the moment is 8 or 9 million pounds from all activities.”
Gower also added the chances of the Nursery Ground development are very low, and that’s why the token should be taken for now at ‘face value’, not as a ‘genuine investment’.
The former English captain mentioned that it was not a ‘fair fight’ when the MCC members voted against the development. Gower supports the redevelopment.
Gower said on that, “I was a supporter of what was proposed there, which is my democratic right, and entirely an opinion formed by looking at the opportunities independently. I wasn’t coerced or influenced. The club is likely to be resistant towards our idea and their lease runs till the year 2137 but we want to be ‘good neighbours’.”
“It’s the wall that you see when you come out of St John’s Wood tube station and walk towards Lord’s. The excitement builds as you get close to the Grace Gates and you make your way into the ground. The flats would have improved the vista. That would have done something to make the whole place look bigger, better, sharper and more welcoming and interesting.”
