Bridgetown.
Kensington Development Company (KDC), the state run real estate company that leases Kensington Oval from the Barbados Cricket Assocation (BCA), owes the over $2.5 million to the assocation.
According to the note in the BCA's 2011-2012 annual report, the BCA was adversely affected by the non receipt of the funds for the lease of Kensington Oval.
The notes in the financial statements, the BCA's the amount due from KDC is made up of rent receivable plus VAT in accordance with the terms of the lease agreement was $2543 346 a large leap from $506,139 in 2011.
In January 2008, the Government through the Barbados Tourism Investment Inc and the BCA signed a agreement for its property at Kensington Oval to leased for 99 years at an annual rental rate of $1.6 million plus VAT.
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