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CPL T20 Tournament injected US$166 Million into the Caribbean


Wednesday, December 3, 2014 12:18 PM - George's, Grenada
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A new independent Economic Impact study revealed last Thursday that the Caribbean Premier League (CPL) injected into the Caribbean region’s economy a whopping US$166 million during the 2014 tournament.

This injection was a significant increase of 58% compared to the tournament’s economic impact in 2013.

According to the study, Grenada reaped the benefits of an estimated 13.3 million US dollars after investing US$500,000 for the rights to host the opening games held in July 2014.

Caribbean Premier League (CPL) CEO, Damien O’Donohoe said, “these results are fantastic and are a testament to CPL’s significance as an economic driver in the region.”

“While we have always said that the Caribbean is without doubt the natural home of T20 cricket, we are very proud to say that CPL is now a truly international event - appealing to fans and players from around the world - and one that the people of the Caribbean should be very proud of."

O’Donohoe spoke about the plans for CPL’s 2015 T20 Tournament. He concluded that an announcement of players will soon be made, that there is a high anticipation of smashing records and CPL will continue to work towards cementing its “position as the most entertaining and exciting cricket tournament in the world”.

Key findings in the report showed:

· Incremental spend by regional and international fans totaled US$47.4 million (excluding accommodation and airfares)

· An estimated 217,176 regional and international spectators watched CPL 2014 live

· The international TV audience increased to 65 million in 2014 from 36 million in 2013, with 29 broadcasters from around the world airing the games live

· Over 21,500 international visitors (approximately 10% of total spectators), attended CPL 2014, spending US$7.9 million

· Thousands of new jobs were created in tourism and travel across the region by CPL and more than 156,000 jobs positively impacted

· The tournament's high profile international broadcast media campaign (which encouraged tourism in the region) generated US$4.47 million in advertising value

The study conducted by SMG-Insight/YouGov showed a breakout across each of the eight markets as follows:
· Antigua and Barbuda - US$13.8 million

· Barbados - US$28.7 million

· Grenada - US$13.3 million

· Guyana - US$24.5 million

· Jamaica - US$25.1 million

· St. Kitts and Nevis - US$26.3million

· St. Lucia - US$13.9 million

· Trinidad and Tobago - US$21.1 million

With an investment of over US$25 million to date, the CPL is the world's second biggest T20 cricket tournament - behind the Indian Premier League - and is set to continue growing in 2015 and beyond. CPL, in partnership with the West Indies Cricket Board (WICB) continues to invest in the development of the game, providing opportunities for players and fans to access world-class cricket in the Caribbean.


 

 

 

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