ARENA’s FUTURE IN DOUBT?

This letter is an official statement from the six shareholders of Arena Essex Raceway.

Following years of rumour and speculation as to whether Arena Essex is being sold (Arena has been approached by numerous developers over the years) recent events has led to the need to advise our drivers of the current status in regards to the future of Arena Essex Raceway.

As you are aware, we have for many years continually improved the racetrack and facilities, during which time we have also considered options that would enable growth and improvement to the land within a ‘Leisure led’ development as the land is designated for sport and leisure use.

We had held discussions with our neighbouring landowner (which includes the lake), with a view to the potential of joining together to utilise both land areas and subsequently met with the Thurrock Thames Gateway Development Corporation (TTGDC).  The TTGDC agreed that the area of land was ideal for leisure and mixed use, which could form a ‘Flagship’ development to provide the ‘Gateway to Thurrock’ and would be included in their regeneration plans for Thurrock. 

However, whilst discussions have continued and a Joint Venture Agreement (JVA) between the two landowners and the TTGDC has been progressing the TTGDC notified us that they had a resolution passed to potentially obtain the land by instigating a Compulsory Purchase Order (CPO), meaning that if Arena decides not to enter into the JVA the CPO could be instigated allowing the TTGDC to acquire our land.

Whilst Arena is happy to continue to work on promoting a leisure and mixed use development plan, the possibility of a CPO obviously places us in a very difficult position. 

We therefore need to advise all interested parties that our days of promoting motorsport at Arena Essex could well be numbered.  We do believe that as well as this coming season we may also be able to run for the 2008 racing season and potentially beyond, but felt it important to advise you all of the possibility that motorsport may no longer be held on the Arena Essex site in the coming years.

TONY’S VIEW   The upshot of all this is that we are faced with the decision of playing ball with them and go into a joint venture agreement or face the real possibility of a Compulsory Purchase Order which at the end of the day gives us no choice whatsoever.