Towcester Racecourse have announced that it has gone into administration writes Floyd Amphlett.
A spokesman said: “We can confirm, with deep regret that Towcester Racecourse is to be placed into administration. It is extremely unfortunate that the news of that decision, taken by the board, has become public in this manner.”
“Indeed, we are still at such an early process that administrators are still to be officially appointed.
“We will issue further details as they become available but would like to put on record our regret for our staff, patrons and of course all the owners and trainers.”
The loss of the country’s most high profile greyhound track and the home of the English Derby will come as a massive shock to the entire industry.
It is widely known that the Northamptonshire track had failed to make a profit since opening though the management were confident that they were edging towards profitability.
However, it appears that the Towcester board of directors remained unconvinced that the business model was able to deliver in the short to medium term and decided to pull the plug.
It is rumoured that Towcester’s contract with ARC was worth significantly less than the other tracks in the group.
Indeed, it has also been suggested, if unconfirmed, that discussions have previously taken place with SIS for a considerably enhanced contract. However Towcester remained legally bound to ARC until December 2019.
I also understand that although unprofitable, Towcester’s debts are modest and considerably lower than its asset value.
Quite where this leaves the industry, it is too early to say, though the ‘crown jewel’ of English racing would be a considerable loss to the ARC portfolio.
Further updates to follow.