Surrey targets fans’ fundraiser as it aims to make Oval global

Surrey is considering tapping its members for funds as it expands the Kia Oval to become one of the largest cricket grounds in the world.

The county cricket club is looking at launching a retail bond for its 10,000 members as it increases the ground’s capacity from 25,000 to 40,000 by the 2023 Ashes series, making it the biggest cricket venue in the world outside India and Australia.

Banks and existing investors will back the revamp. The £50 million plans include the development of 1 Oval Square to beef up its events space, which helped profits rise to £1.6 million for 2016-17. It also plans to create a new hub for sports-focussed companies.

The refurb, which starts in 2019, centres on the expansion of the Victorian Lock Laker stand and the Bedser stand.

Surrey chief executive Richard Gould said flexible seating would be used, with more seats inserted for T20. “You have to ensure there’s a comfortable amount of space if you’re spending a whole day at a test match.”

The Oval, whose freehold has been owned by the Duchy of Cornwall since 1845, will host its 100th Test when England take on South Africa at the south London venue tomorrow. The ground is bursting at the seams during the summer as Twenty20 cricket boosts attendances.

The club, which is still paying off debt from a revamp which began in 2003, last launched a retail bond in 2005, raising £5 million in just eight days.