Great Leighs was placed into administration in January 2009

The administrators of Great Leighs racecourse have confirmed they had agreed a deal "in principle" with a new buyer for the Essex venue.

A spokesman for Deloitte said they hoped to exchange contracts with Terry Chambers, the owner of Essex-based Ashfields Carriage and Polo Club.

It is hoped the deal will be finalised on Friday, 15 May.

The all-weather facility, which opened in April 2008, was placed into administration in January.

Joint administrator Carlton Siddle said: "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."

Securing Great Leighs is one thing but there is still a lot of work to do, but with goodwill all round, the licence can be achieved Businessman Terry Chambers

In a statement to BBC Essex, Chambers said: " I have been a friend of John Holmes for some years and supporter of the racecourse since its earliest days.

"Having seen the struggle to create it, and how much it was appreciated by the racing industry, I could not stand by and see the hard work of John and his team come to nothing.

"Without setbacks it was a good business, generating money for racing. It can be a good business again."

The businessman from Great Canfield near Great Dunmow, Essex, continued: "Securing Great Leighs is one thing but there is still a lot of work to do, but with goodwill all round, the licence can be achieved and seamless racing can return through 2009 and beyond."

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