Global Sports Ventures Invests $2.4B in Infrastructure, Jobs to Expand Cricket in U.S.
Global Sports Ventures, a sports development company, announced plans to build an estimated $2.4B in infrastructure and business development to drive economic growth across eight states.
This announcement comes on the heels of GSV’s recent $70 million licensing agreement of T20 rights from the United States of America Cricket Association (USACA). The T20 format is much shorter than the previously-existing form of cricket, and is closer to the timespan of other popular team sports in the United States.
GSV plans to professionalize cricket in the United States by creating a league that allows athletes to compete at the highest level while providing fans and audiences the ability to enjoy the game at GSV’s world-class facilities. This will be a strong foundation when the International Cricket Council (ICC) hosts any tournaments in line with its strategic framework for U.S.A. cricket, potentially hosting the ICC World Twenty20 in 2024.
GSV is actively working with legislators to develop 26,000+/- seat stadiums in New York; New Jersey; Washington, DC; Georgia; Florida; Texas; Illinois; and California.
Dennis Conaghan, the Executive Director of San Francisco Center for Economic Development adds, “We are excited to welcome this opportunity that Global Sports Ventures have brought to us, as it will be a great addition to the professional sports network that we already have in San Francisco. It also reinforces our city’s reputation as not just the capital of innovation and technology, but as an exciting and diverse global hub for culture, arts and sport.”
The cricket-centric, multi-purpose entertainment stadiums and lifestyle centers will create approximately 17,800 new jobs (1,500 construction and 725 permanent jobs per location) with opportunities in medical and rehab services; merchandising and procurement; media and broadcasting; tourism development; security; logistics and transportation; and, player, coaches and support staff.
Each of these locations will cost an estimated $300 million and will generate approximately $8 billion in direct and indirect salaries over the next 20 years.
“We are delighted to receive so much positive feedback and commitment from officials on a state level, and we’re dedicated to working with local communities and businesses to provide an estimated economic output upwards of $100 million per city,” says Jignesh (Jay) Pandya, Chairman of Global Sports Ventures.