Chelmsford
- Thread starter pete
- Start date
mlmrob
Sire
The Holmes family that own Chelmsford have very little chance of gaining a licence to race. Great Leighs Estates were supposed to bring in administrators but instead a new tenant agreed to to take over the tenure, Golden MIle Racing. However, when due dilligence was carried out, it found Golden Mile had the same people on the board as Great Leighs Estates.
pete
Sire
The extent of the financial hole in which Chelmsford finds itself has emerged following the publication of the administrator’s initial report, which itemises an estimated £22.2 million owed to a variety of creditors by Great Leighs Estates Limited (GLEL).
Chelmsford has not raced since March, since when six fixtures have been moved to other tracks.
On April 1, an application by Golden Mile Racing Limited (GMRL) to take over the running of Chelmsford was rejected by the BHA, although an appeal has been lodged against that decision.
In a detailed 39-page summary covering GLEL's financial situation and the chance of recovering money owed to its creditors, administrator Begbies Traynor concludes the company has no viable commercial future.
Referring to the aims of administration set out in the 1980 Administration Act, the report states: “At present, we do not consider it is reasonably practicable to achieve the objective specified, being a rescue of the company as a going concern. Should this position change, and a rescue of the company is deemed possible, the administrators will circulate revised proposals at the appropriate time.
“Consequently, the most appropriate objective to pursue in this case is achieving a better result for the company's creditors as a whole than would be likely if the company were wound up (without first being in administration).
“This will be achieved by the disposal of the company’s remaining assets, being the freehold land and racing fixtures, and lease of the racing fixtures in the interim period. The administrators propose to remain in office in order to conclude the realisation of the company's assets.”
GLEL underwent a restructuring in 2024, and year-end losses before tax have reduced from £11.9m in 2023 to £7.6m in 2024 and £3.3m in 2025.
An estimated £19m of the total debt belongs to E-Money Capital, who the administrator reports has raised no objection to the proposed course of action.
Detailing the course of events which led to GLEL's predicament, the report highlights GLEL’s belief that a reduction in fixtures allocated to Chelmsford since racing restarted there in 2015 has damaged revenues, and also lifts the lid on two major financial setbacks involving a new floodlight system and the fallout from a chaotic music event staged last summer.
In 2022, the company contracted Musco Lighting Europe to install new floodlights at a cost of £2.4m, only for a number of the new units to be damaged in a storm, leading to Chelmsford losing several fixtures.
In September 2025, GLEL entered into a settlement agreement with Musco, but has not been able to keep to the payment schedule, with Musco this year winning a judgement to recover the money.
Live Nation is suing GLEL for more than £668,614 – with GLEL issuing a counter-claim – after a concert headlined by Justin Timberlake, which attracted 25,000 people, ended in major issues for fans trying to leave. That led to Chelmsford City Council capping attendance for future music festivals at 10,000.
On May 7, the BHA took three further fixtures away from Chelmsford. The May 14 meeting was cancelled, with two races rescheduled for Newmarket and Wolverhampton, while the May 21 fixture was moved to Southwell.
The June 4 meeting has gone to Lingfield, while the BHA's communication which accompanied the May 7 announcement said no consideration could be given to racing returning to Chelmsford until the licensing committee has heard the appeal by GMRL.
The BHA and Chelmsford have been approached for comment.
Chelmsford has not raced since March, since when six fixtures have been moved to other tracks.
On April 1, an application by Golden Mile Racing Limited (GMRL) to take over the running of Chelmsford was rejected by the BHA, although an appeal has been lodged against that decision.
In a detailed 39-page summary covering GLEL's financial situation and the chance of recovering money owed to its creditors, administrator Begbies Traynor concludes the company has no viable commercial future.
Referring to the aims of administration set out in the 1980 Administration Act, the report states: “At present, we do not consider it is reasonably practicable to achieve the objective specified, being a rescue of the company as a going concern. Should this position change, and a rescue of the company is deemed possible, the administrators will circulate revised proposals at the appropriate time.
“Consequently, the most appropriate objective to pursue in this case is achieving a better result for the company's creditors as a whole than would be likely if the company were wound up (without first being in administration).
“This will be achieved by the disposal of the company’s remaining assets, being the freehold land and racing fixtures, and lease of the racing fixtures in the interim period. The administrators propose to remain in office in order to conclude the realisation of the company's assets.”
GLEL underwent a restructuring in 2024, and year-end losses before tax have reduced from £11.9m in 2023 to £7.6m in 2024 and £3.3m in 2025.
An estimated £19m of the total debt belongs to E-Money Capital, who the administrator reports has raised no objection to the proposed course of action.
Detailing the course of events which led to GLEL's predicament, the report highlights GLEL’s belief that a reduction in fixtures allocated to Chelmsford since racing restarted there in 2015 has damaged revenues, and also lifts the lid on two major financial setbacks involving a new floodlight system and the fallout from a chaotic music event staged last summer.
In 2022, the company contracted Musco Lighting Europe to install new floodlights at a cost of £2.4m, only for a number of the new units to be damaged in a storm, leading to Chelmsford losing several fixtures.
In September 2025, GLEL entered into a settlement agreement with Musco, but has not been able to keep to the payment schedule, with Musco this year winning a judgement to recover the money.
Live Nation is suing GLEL for more than £668,614 – with GLEL issuing a counter-claim – after a concert headlined by Justin Timberlake, which attracted 25,000 people, ended in major issues for fans trying to leave. That led to Chelmsford City Council capping attendance for future music festivals at 10,000.
On May 7, the BHA took three further fixtures away from Chelmsford. The May 14 meeting was cancelled, with two races rescheduled for Newmarket and Wolverhampton, while the May 21 fixture was moved to Southwell.
The June 4 meeting has gone to Lingfield, while the BHA's communication which accompanied the May 7 announcement said no consideration could be given to racing returning to Chelmsford until the licensing committee has heard the appeal by GMRL.
The BHA and Chelmsford have been approached for comment.