On the back of significant growth in revenue garnered by Montego Bay Sports Complex over the past year, Mayor Richard Vernon is confident that the Yoni Epstein-led Montego Bay Multi Sports Development Limited will deliver meaningful progress for the city.

Montego Bay Multi Sports Development Limited is on the verge of taking over operations of the Catherine Hall-based stadium from the St James Municipal Corporation (STJMC) after submitting a $700-million bid in November to lease the facility.

The Montego Bay mayor told the Jamaica Observer that he expects the matter to be resolved in the coming weeks after the completion of some necessary steps.

“The corporation is currently awaiting the valuation from the National Land Agency to finalise the necessary documentation. Once the valuation is received, we will proceed with submitting the complete package to the Ministry of Local Government and Community Development (MLGCD) for final approval,” Vernon said.

The decision to lease the facility, which was opened in 2010 at a cost of over a billion dollars, came because of annual maintenance expenses of $50 million and limited revenue, with the STJMC providing subsidies for events since 2020.

However, things have been more positive for the STJMC in the last year since the sports complex became the official home of the Epstein-owned Montego Bay United in the Jamaica Premier League. The venue has also hosted international football games for Jamaica’s Reggae Boyz and Reggae Girlz as well as the high school competitions.

“Since the arrangement with Montego Bay United and the bid process was initiated, we have observed a remarkable increase in revenue for the facility,” Vernon said.

“Revenue has increased by over 200 per cent, rising from approximately $5 million in previous years to $16 million in the fiscal year (2024/2025) just ended. This marks the best revenue performance since the corporation began managing the stadium and a claw back of 40 million in deficit, reflecting the positive impact of these strategic decisions.”

Montego Bay Multi Sports Development Limited’s plans for the stadium include resurfacing the running track, which has been unsuitable for events since 2019; upgrading the lighting; and adding an Olympic-sized swimming pool.

Following continued discussions, Vernon is optimistic Epstein’s entity will help to transform the stadium and the city on a whole.

“We are confident that these plans are in the best interests of both the stadium and the city, as they will transform the stadium into a multi-disciplinary facility that extends beyond traditional track and field and football,” he said.

“In addition, the level of financial investment required to achieve this vision exceeds the council’s current financial capacity. Thus, to successfully ensure the stadium is state-of-the-art, it is essential to leverage private investment, hence the primary reason for engaging the lease option.”

Despite the lease, Vernon said the STJMC will still play a role in ensuring major sporting events are held in Montego Bay.

“When final approval is received from the Ministry of Local Government and Community Development (MLGCD), the lessee will be responsible for promoting the stadium and ensuring that major sporting events are brought to Montego Bay. Nonetheless, we will also support and endorse all promotional activities that align with the terms of the lease agreement, fostering a collaborative effort to enhance the stadium’s use and visibility,” he said.

— Daniel Blake