The Hero Caribbean Premier League (CPL) has announced the tournament’s economic impact across the region.
The 2017 event, which took place between August 4 and September 9, 2017, created a total economic impact of US$ 95,122,465 across six nations in the Caribbean and in the USA.
This figure has been arrived at by using organiser spend, visitor spend and media value and was calculated for Hero CPL by world-renowned researchers, SMG Insight.
In addition to that economic impact figure, Hero CPL in a release posited that it directly involved 2710 local personnel in the seven countries where the tournament took place and filled 33,503 hotel rooms during the 2017 event.
“The amount of money that was spent by visitors who came to watch Hero CPL matches has increased 161% since 2014” said the League.
This publication was informed that the value for the seven tournament locations in terms of media exposure was US$ 22,890,940, while the global audience for the tournament has increased by 12 per cent compared to those that watched the event in 2016.
According to Hero CPL, they spent “US$ 12,690,910 across the seven tournament locations. This organiser spend represents an 84% increase from what was invested for the tournament in 2014 and the amount of money that the Hero CPL spends across the region continues to increase year-on-year.”
Speaking about the report from SMG Insight the Hero CPL Chief Executive Officer (CEO), Damien O’Donohoe, said “this is a really strong set of economic impact results for the region and we are delighted with how we continue to grow as a tournament. We are hugely proud of how much the Hero CPL puts back into the countries that we visit and we are very grateful to the governments and fans that help us make that happen. While 2017 has been fantastic we are firmly committed to increasing our economic impact in 2018.”
From a financial perspective, Guyana recorded some US$14 million or 2.8 billion Guyana dollars in turnovers from last year’s CPL, prompting the Chief Operating Officer (COO) of the CPL, Pete Russell, to hail the tournament’s value as a marketable product which has been slowly reshaping the landscape of the sport regionally.
This year’s CPL is set to bowl off early in August and will run up until September the same window period that was used in 2017.
Trinbago Knight Riders are the current Hero CPL champions and the other competing teams are the Guyana Amazon Warriors, Barbados Tridents, St. Kitts & Nevis Patriots, St. Lucia Stars and Jamaica Tallawahs.