- Chelmsford City Racecourse estimated debt reported: £22.2 million
- Estimated amount owed to E-Money Capital: £19 million
- Confirmed transferred fixtures: 21 May to Southwell, 4 June to Lingfield
A newly published administrator’s report has laid bare Chelmsford’s financial problems, with Great Leighs Estates Limited estimated to owe £22.2 million as the licence appeal remains unresolved.
Chelmsford’s return to racing remains uncertain after a newly published administrator’s report set out the scale of the financial problems facing Great Leighs Estates Limited, the company behind the racecourse.
On May 24th, the Racing Post said that the report itemised an estimated £22.2 million owed to creditors by Great Leighs Estates Limited.
It also said Chelmsford City Racecourse has not raced since 26 March and that six fixtures have already been moved while the track’s future remains tied to an unresolved licensing appeal.
With the Racing Post saying the administrator concluded there is no viable commercial future for the company in its current form and that the most realistic route is to realise value from remaining assets, including the land and racing fixtures.
Around £19 million of the estimated debt is owed to E-Money Capital, while the report also linked Chelmsford’s position to losses connected to a floodlight project and the fallout from a major music event last summer.
Licence appeal still blocks a return
Plus the Racing TV reported on 1 April that the British Horseracing Authority refused to grant a licence to Golden Mile Racing Limited, the company formed to operate Chelmsford after Great Leighs Estates Limited entered administration.
The BHA then confirmed on 7 May that Chelmsford’s 21 May fixture was moved to Southwell and the 4 June meeting to Lingfield, adding that no further racing can take place at the track unless the appeal succeeds.
Comments.
Loading comments…