Mumbai Cricket Association to raise Rs 500 crore corpus for grassroots cricket

MUMBAI: The Mumbai Cricket Association (MCA) will create a Rs 500 cr corpus for grassroots cricket over the next decade, with maidan clubs, schools and colleges set to benefit from the interest generated by the fund.

The decision was taken at the MCA’s 87th AGM at the Wankhede Stadium on Friday. “For grassroots cricket, we have decided to allocate a corpus fund of Rs 500 cr, which was Rs 6 cr, then Rs 10 cr, then Rs 12 cr in the last three years. In the last AGM, we increased it to Rs 100 cr,” MCA president Ajinkya Naik said.

Naik added: “It’s like an endowment fund. You keep this ₹500 cr in a fixed deposit and from that the interest gets distributed. Right now, it is Rs 100 cr, so every year it will go up by ₹40 cr, and then in the next 10 years it will be Rs 500cr.”

The MCA also decided to name designated lounges at the Wankhede after Madhav Mantri, Sachin Tendulkar and Ajinkya Rahane.