Deal inked for transformation of Montego Bay Sports Complex

The long-anticipated transformation of the Montego Bay Sports Complex is now moving ahead, as the St James Municipal Corporation and Montego Multi-Sports Development Ltd today signed a 25-year lease agreement for the development of the facility.

The inking of the deal ends nearly two years of uncertainty since the bidding process closed.

Montego Multi-Sports was the lone bidder. Its head, Yoni Epstein, said he is pleased that the process has been completed despite the delays.

“We are excited and we look forward to big things. We are very happy with where we are today. I want to thank the mayor and his team for getting us through the process and navigating all of the processes of government,” said Epstein.

“The process was the process. Yes, we would have liked it to be faster, but in the interest of the people, we have to take the time and go through the process,” he added.

The signing clears the way for a multimillion-dollar redevelopment of the historic western Jamaica venue.

The agreement comes at a critical time for the facility, which has suffered years of deterioration and was extensively damaged during the passage of Hurricane Melissa late last year.

Mayor of Montego Bay Richard Vernon said he is confident in the partnership with Epstein.

“I wouldn’t even get into the emotional part of it about being happy. I am confident that it will be done. The confidence is not only about the track record but the level of professionalism associated with the persons in the organisation,” said Vernon.

The deal signals a long-overdue revival for the US$14.9 million complex, which opened in 2010. It has not hosted a major track meet since 2018 and has gradually fallen into disrepair.

As part of the bid, the company said it will spend $694,375,000 to develop the 7,000-seat stadium over the next three years. Operational funding will amount to $51,150,000 per year.

Under the bid offer, $6,227,500 will be paid per annum to the municipal corporation for years one to 20. For years 21 to 25, rent will be paid in the form of one per cent of annual revenue generated from ticket sales and fees.

Epstein said at the time that there are big plans for the stadium.

- Ashley Anguin

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