Towcester racecourse set to go into administration

Towcester racecourse's history dates back to 1876

The future of Towcester racecourse and greyhound track is uncertain after the owners said they were taking steps to put the business into administration.

Towcester Racecourse Company Limited said it was "currently experiencing trading difficulties".

As well as horse racing, the venue in Northamptonshire also stages greyhound meetings, and cards scheduled for later this week have been cancelled.

For the past two years it has hosted the Greyhound Derby.

The racecourse has a place in jump racing folklore after jockey AP McCoy recorded his 4,000th career win there in 2013.

In a statement, the company said it was "in discussions with key stakeholders and professional advisors on the way forward".

It added: "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.

"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 horse racing and more recently greyhound racing at Towcester, there will be significant interest from potential acquirers."

The next scheduled horse racing fixture is on Wednesday, 10 October, with 11 meetings planned between then and May 2019.

A spokesman for the British Horseracing Authority said: "Towcester racecourse have yet to formally make us aware of their plans to go into administration.

"When we receive this notification we will consider the implications that this has for the racecourse's licence and their scheduled fixtures."

What is administration?

Administration is a legal procedure that allows a business in financial trouble to appoint an administrator and keep operating without being forced to sell off assets to pay debts.

The aim is to give a company a breathing space in which it can restructure its finances and put its business on a sounder footing.

Unlike liquidation or receivership its legal purpose is "the survival of the company as a going concern".