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The future of Towcester racecourse and greyhound track has been placed in doubt after the owners of the course revealed steps are being taken to place the business in administration.
The Northamptonshire jumps track is due to stage three more fixtures this year, with the first card on October 10, while greyhound meetings are staged every Friday, Saturday and Sunday evening, and also on Saturday mornings.
What is administration?
Administration is an insolvency procedure that protects your company against legal pressure from its creditors while an insolvency practitioner acts as administrator.
Entering into administration allows a company to protect itself against compulsory liquidation. During the administration period, a company can restructure under the leadership of an expert insolvency practitioner.
The racecourse's history dates back to 1876, and in 1928 the first Lord Hesketh formed the present company and established the track under National Hunt rules. It has remained in the ownership of the Fermor-Hesketh family.
In a personal statement to staff, racecourse chairman Lord Hesketh said: "Towcester has been my life for over 60 years. That would not have been possible without the unique contribution that each and every one of us has made.
"The very sad decision that the board of directors has made is, I believe, the surest way to find a solution that ensures a future for Towcester Racecourse.
"For the sadness this day brings, I shall always regret most that it was not we who were allowed to realise the enormous potential of this racecourse.
"I hope I shall have the honour of working with you all again and I give my heartfelt thanks to each of you."
Matt Chapman
✔
@MCYeeehaaa
Can't say how sad I am that @TowcesterRaces has gone into administration. Fabulous racetrack and with greyhounds their welfare came first. Lord Hesketh ploughed so much of his own money in. Taking on an industry simply proved too much. Gutted for all concerned.
8:17 AM - Aug 16, 2018
'No alternatives'
A statement released by Towcester Racecourse's Facebook page on Thursday read: "Towcester Racecourse Company Limited, proprietors of Towcester Racecourse, are currently experiencing trading difficulties and are in discussions with key stakeholders and professional advisers on the way forward. However, the directors have concluded that they have no alternative in the short term but to seek court protection and are now taking steps to place the company into administration.
This news is a terrible shock to us all
However, it is more important than ever that the Greyhound Racing Family stand together. We must be strong to save this great track
I advise we stay calm & wait for news. Deserting them helps nobody.
"As a result, it is with regret that the greyhound meetings on this Friday, August 17, and over the weekend at Towcester Racecourse have been cancelled.
"Whilst inevitably there will be considerable interest from customers, supporters and suppliers, the directors ask that they be given time to focus on exploring other options for the business and they anticipate there will be a further update in the next few days.
"The directors remain hopeful that despite the current situation, given the significant history of horseracing and more recently greyhound racing at Towcester, there will be significant interest from potential acquirers."
The greyhound stadium is a far more recent addition, opening in December 2014. For the last two years the track has staged the Greyhound Derby, the sport's most prestigious race, which was worth £175,000 to this year's winner, Dorotas Wildcat.
The directors have concluded that they have no alternative in the short term but to seek court protection
The Northamptonshire jumps track is due to stage three more fixtures this year, with the first card on October 10, while greyhound meetings are staged every Friday, Saturday and Sunday evening, and also on Saturday mornings.
What is administration?
Administration is an insolvency procedure that protects your company against legal pressure from its creditors while an insolvency practitioner acts as administrator.
Entering into administration allows a company to protect itself against compulsory liquidation. During the administration period, a company can restructure under the leadership of an expert insolvency practitioner.
The racecourse's history dates back to 1876, and in 1928 the first Lord Hesketh formed the present company and established the track under National Hunt rules. It has remained in the ownership of the Fermor-Hesketh family.
In a personal statement to staff, racecourse chairman Lord Hesketh said: "Towcester has been my life for over 60 years. That would not have been possible without the unique contribution that each and every one of us has made.
"The very sad decision that the board of directors has made is, I believe, the surest way to find a solution that ensures a future for Towcester Racecourse.
"For the sadness this day brings, I shall always regret most that it was not we who were allowed to realise the enormous potential of this racecourse.
"I hope I shall have the honour of working with you all again and I give my heartfelt thanks to each of you."
Matt Chapman
✔
@MCYeeehaaa
Can't say how sad I am that @TowcesterRaces has gone into administration. Fabulous racetrack and with greyhounds their welfare came first. Lord Hesketh ploughed so much of his own money in. Taking on an industry simply proved too much. Gutted for all concerned.
8:17 AM - Aug 16, 2018
'No alternatives'
A statement released by Towcester Racecourse's Facebook page on Thursday read: "Towcester Racecourse Company Limited, proprietors of Towcester Racecourse, are currently experiencing trading difficulties and are in discussions with key stakeholders and professional advisers on the way forward. However, the directors have concluded that they have no alternative in the short term but to seek court protection and are now taking steps to place the company into administration.
This news is a terrible shock to us all
However, it is more important than ever that the Greyhound Racing Family stand together. We must be strong to save this great track
I advise we stay calm & wait for news. Deserting them helps nobody.
"As a result, it is with regret that the greyhound meetings on this Friday, August 17, and over the weekend at Towcester Racecourse have been cancelled.
"Whilst inevitably there will be considerable interest from customers, supporters and suppliers, the directors ask that they be given time to focus on exploring other options for the business and they anticipate there will be a further update in the next few days.
"The directors remain hopeful that despite the current situation, given the significant history of horseracing and more recently greyhound racing at Towcester, there will be significant interest from potential acquirers."
The greyhound stadium is a far more recent addition, opening in December 2014. For the last two years the track has staged the Greyhound Derby, the sport's most prestigious race, which was worth £175,000 to this year's winner, Dorotas Wildcat.
The directors have concluded that they have no alternative in the short term but to seek court protection
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Replies: 39
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Oh well, Silverstone has long needed somewhere to build a big retail outlet, and Hotel complex to maximise the Grand Prix, and have access to proper parking facilities. Keep the dog track there, bump off the low grade rubbish races and sell it as a feeder area for the Grand Prix, win-win situation all round.
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disaster for greyhound
Who ever decided to move derby there needs to resign |
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xmoneyx Joined: 12 Jul 11
Replies: 52065 16 Aug 18 10:22 disaster for greyhound Who ever decided to move derby there needs to resign They just tried to keep the Derby away from another bookmaker owned track. Unfortunately it was never going to work for all sorts of reasons. |
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shawfield could stage scottish & english derby
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Sad, star put so much effort into keeping it going. But i suppose one so-called bookie,(two bob man)Will be happy that Starsports name is going to be seen a little bit less..
The man is sooo jealous of them, its hillarious .   |
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looks like it tried to be a racehorse/greyhound track instead of a pop concert venue
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always wondered how they made it pay with free admission, proves you can't.
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don t think they had big crowds anyway
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according to chappers lord hesketh spent 15 million developing the greyhound track, and only have 11 horse racing meetings this coming season.
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Get the greyhound derby back in a big city at Owlerton.
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it was their own decision to have less horse meetings if i remember rightly. Anytime ive been there it's cost £25 in a cab each way from Milton Keynes - not ideal.
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They sold the best horseracing fixtures to help fund building the greyhound track. The greyhound track spoiled the view of the horseracing. The once large crowds they had for the horses melted away as it was clearly a dog track first and they made no attempt to market the horses and the regulars left as the track's perfect view was spoiled. Such a shame, Towcester was my favourite racecourse. Hope it can be saved for horseracing somehow.
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The people who "run" greyhound racing have been useless for years and years.
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This was my childhood racecourse so it’s a shame to see it in this state, however I think they signed their own death warrant when they built the dog track. Ruined all views of the race course and everyone I know who used to go stopped. They needed to go all in on one or the other in my opinion
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.. so you have dog racegoers moaning the track is too far away, and horse racegoers saying the dog track spoils view of the
course !! ?? doesnt seem a lot of planning went into this. |
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One of my favourite NH tracks, I love the stiff finish. Sorry to see it go.
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powderhall closing edinburgh killed off dogs east coast scotland
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When I lived in North Hertfordshire I never missed a meeting at Towcester if I could help it, easily one of my favourite national hunt courses and it will be a great shame if indeed it does close.
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This was always gonna happen with Hesketh running the show.
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greyhound racing is as good as dead so sad great sport
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just a few grand matched on bf for greyhound races which is a good gauge to its off course popularity, but if you want to bet on a race where are the past videos? you'll get a few on the RP but not enough
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Was born less than 400 yards from the track and lived in Towcester for 39 years - very sad it has come to this but the money spent on the greyhound venture would have been better spent on the NH side.
Greyhound racing needs to be in large towns or cities not out in the sticks. |
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thought it was sour grapes but didnt harry findley predict the demise of greyhound racing in his book after he had to close coventry
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"Greyhound racing needs to be in large towns or cities not out in the sticks"
Only football can build stadia in towns/ cities, most other sports cannot compete economically against housing. Might be that Jockey Club Racecourses, ARC or Chelmsford pick up Towcester horses as those 3 plus one other I think are all in the running for the lease at Musselburgh. |
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Greyhound racing needs to be in large towns or cities not out in the sticks.
Agree with that. Always thought it just felt more at home in an Urban environment. |
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The fact that there are no tracks left in London should tell you everything. When I started backing dogs in the 60s there was more than 20 in the capital and the decline began as early as the 70s due to property prices.
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only the media rights make greyhound racing viable now (on already owned land) and even then the media rights are a drop in the ocean relative to the land value in the major cities
only tooth fairy believers can get the sums to add up |
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Filthy ginger Yates said at Xmas that a racecourse would close this year. I'll be choked if he meant it to be Towcester!
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Media circus in self destruct mode, the game is gone, Man v Tech and man is losing on all sides, soon many will have to turn of the media cause it is becoming unaffordable, then what? WE TURN IT OFF
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They are already builing a massive new housing estate directly opposite the main entrance to the course and someone on another thread has suggsted they want to turn the racecourse land into a housing estate.
Towcester has also been crying out for a bypass for 20+ years (the A5 passes right through it and if the M1 gets closed between Rugby and Milton Keynes and traffic gets diverted onto the A5 there can be 10-15 mile tailbacks due to the town centre being very congested and narrow. For years they tried to get Lord Hesketh to give up land to make it possible but he always prevented it. |
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Many years ago used to live 6 miles from the course ....the general view was that Hesketh's mother was a good egg however he was written off by the locals as a dilettante playboy with too much money and only interested in F1..
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millington says its well situated in the heart of england, the reality is, it's very difficult to get to as M1 and M40 are two of the most crowded roads in the country, it's no coincidence that Silverstone has traffic chaos for the GP and the only way to guarantee getting there on time is by helicopter. Not been since the greyhound track was built so can't comment on the viewing other than it looks OK on telly, but I guess thats the point, why go (even if free attendance)
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oh and hesketh tried and failed big time with a superbike build about 20-30 years ago, seems a bit of a maverick which is great but not when you actually need the public on your side
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betfred emerges as a possible buyer.
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ANOTHER GIG FOR THOMMO
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tips 16 Aug 18 14:19 Joined: 16 Jul 03 | Topic/replies: 5,718 | Blogger: tips's blog
greyhound racing is as good as dead so sad great sport No it isn't. **** sport, horribly treated dogs, the sooner the disgusting alleged sport dies the better. May all dog tracks end up as developments like the old Southend dog track. |
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134 staff made redundant, got to feel for them at short notice.
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