The Caribbean Premier League (CPL) may have made a loss in its inaugural season, but it still brought millions of dollars to the Caribbean region.
This is according to research carried out by the Mona School of Business and Management (MSBM), University of the West Indies.
A CPL press release yesterday said the MSBM had found that the 2013 edition of the League generated a combined impact of US$105.6m across the region.
The CPL launched last year to sell-out crowds, with over 250,000 spectators attending matches across Antigua, Barbados, Guyana, Jamaica, Trinidad and St Lucia and included carnival-like entertainment.
The release said the report established that last year’s tournament had wide-reaching benefits in the six host countries across eight different sectors: general services, transport and communication, government services, hotels and restaurants, manufacturing, health care and insurance, and financial service sector.
The competition is estimated to have boosted GDP by as much as 0.7 per cent in some countries, even though some countries hosted just three days of cricket.
Commenting on the report Professor Densil Williams of the University of the West Indies said:
“With the region still feeling the effects of the global financial crisis, CPL has been a real shot in the arm for the Caribbean. The tournament could trigger an even bigger revival, because as it grows and the brand becomes more recognised, we anticipate that the impact on the economies will be much greater.”
The estimated total economic impact of CPL 2013 for each host country is as follows: Antigua, US$7.35m; Barbados, US $9.1m; Guyana, US$4m ; Jamaica, US$10.65m; Trinidad, US$12.85m, St Lucia US$7.3m. An additional US$54m was raised by spending across all six countries.
The tournament also exposed the Caribbean to a global audience since matches were televised to the USA, India, UK, Australia and New Zealand.
Damien O’Donohoe, CEO of the League said of the report: “These findings back up what people have been telling us for months, that the CPL has been brilliant for the region. This year we’re committed to building on our initial success, with more sold-out crowds, fantastic entertainment and a high standard of cricket.”
His West Indies Cricket Board counterpart Michael Muirhead added: “CPL is central to our vision of developing and reviving cricket in the region. Last year’s tournament not only put a smile back on the face of our domestic game, but this report shows that it also had a huge benefit for the Caribbean in general.”
This year, the Limacol CPL returns in July and August where Jamaica Tallawahs will defend their title against the St. Lucia Zouks, Trinidad and Tobago Red Steel, Antigua Hawksbills, Guyana Amazon Warriors and Barbados Tridents.