Racecourse thrown cash lifeline

Contracts are due to be exchanged on 15 May say administrators

An Essex racecourse which went into administration is being sold to the owner of a polo complex.

The administrators of the companies which make up the ownership of Great Leighs, said they have agreed in principle to sell to Terry Chambers.

Mr Chambers is the owner of Ashfields Carriage and Polo Club in Essex.

An administrator said contracts were due to be exchanged on 15 May and from then any outstanding issues around the site will pass to the new owner.

Joint administrator Carlton Siddle of Deloitte said: "We have entered into an exclusivity agreement with Terry Chambers.

"Assuming that the contracts are exchanged then responsibility for resolving any outstanding issues around the site, and for obtaining a racing licence for Great Leighs will pass to the new owner."

The administrators were called in on 16 January 2009.

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