Great Leighs

[ricky lake]

does anyone have an update on what is happening here , was wondering if the course would re open

thanks

Ricky

[richard]

This from the Daily Mail:

Don’t bank on Great Leighs: RBS may be last resort for Essex course
By Marcus Townend
Last updated at 8:09 PM on 16th March 2009

"Royal Bank Of Scotland have emerged as the most likely new operators of GreatLeighs, the Essex racecourse currently stagnating in administration.

Racemail understands that a creditors’ report has recommended that being taken over by the bank — who have just recorded the biggest loss in British corporate history (£24.1billion) under disgraced former chief executive Sir Fred Goodwin — is the best way forward.

Complications over the ownership of pockets of the Great Leighs site, notably the
racecourse stables, have put off potential buyer Northern Racing, whose group lacks an all-weather track, and only two serious bids have emerged.

One is a consortium, including original owner John Holmes in partnership with Arena Leisure and SIS. The other is by a mystery buyer but neither are believed to be acceptable to administrators Deloitte. That leaves RBS, the bank who loaned Holmes more than £20million to open Great Leighs, as new frontrunners to acquire the track that has not raced since January 15.

Initially, closure was only expected to be a matter of days while a new BHA licence to race was sought. But seven more Great Leighs fixtures were put up for auction yesterday with four finding buyers, amid growing frustration at a lack of progress.

There appears to have been little contact between Deloitte and the BHA in recent days.
If a BHA licence application for a new operator is not held soon, a fresh batch of fixtures will have to be handed back and it is not inconceivable that Great Leighs may find themselves unable to race before June 18, ironically the day new Welsh track Ffos Las opens.

An ownership solution involving RBS raises the possibility of damaging and delaying lawsuits being launched by current investors and stakeholders, who will argue that they only became involved on the basis of financial information originally supplied by RBS.

All of which could make an already messy situation disastrous if further delays leave Great Leighs rudderless ahead of the imminent bidding process for the 2010 Fixture List.

The lease expires on more than half of their 77 meetings this year. The bidding process takes place in June but behind-the- scenes preliminary negotiations start next month.

One leading racing figure said yesterday: ‘If Great Leighs can’t enter the process, they haven’t got a fixture list.’ "

At a guess this story came via their business journalists and the DM’s city pages have a good reputation among financial professionals.

richard

[apracing]

If RBS takes over the track, perhaps they could change the name from Great Leighs to Goodwin Sands.

[ricky lake]

Thanks for the info folks , looks bad indeed , cant see the Rbs scenario though , but I suppose strange things do happen …..

cheers

Ricky

[Author]

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