So we have to begin the day with bad news. Following much legal wrangling, Mallory Park has been put into administration.
Back in the glory days...
Its recent issues stem from a 1985 Noise Notice. Whilst Mallory had reached a happy compromise with Hinckley and Bosworth Borough Council to work within the notice, some newer residents weren't so accommodating. They reputedly applied for a 'rigid interpretation' of the 1985 Notice which Mallory then breached five times in 2012. The full story on the background can be found in our previous story
here
In August of this year, Mallory Park Motorsport Limited (MPML) was taken to court on the charges and found guilty. Whilst the right was given to taken the decision to a higher court, the decision's direct corollary was that Mallory was reduced to 84 operational days a year (40 racing Sundays, 40 testing Wednesdays and four racing Saturdays); to be profitable, it needed to be open for 160 days a year.
The events that followed have a horrible predictability to them. With Mallory Park unable to open, track and experience days had to be cancelled. With fewer events being held, Mallory was receiving less income. Then, despite an advancing three-stage recovery plan with the council's approval, a refusal from the land owners to 'make a substantive offer' on reducing the rent forced the plan to be halted.
84 opening days a years wasn't enough for Mallory
So a combination of rising costs (its annual lease rent has risen 40 per cent over the past eight years) and reduced revenue thanks to the noise legislation has left Mallory with 'no firm visibility for 2014 and beyond'. Consequently its directors have placed the track into administration.
The process is being undertaken by Kingston Smith and Partners LLP. Its representative Ian Robert said: I will be working with all the stakeholders to ensure that Mallory Park will see racing again. I hope the administration process can assist in finding a solution which will be beneficial to all parties concerned."
If the residents maintain their staunch opposition to a fully functioning Mallory Park, the track's future looks bleak. Unsurprisingly, an e-petition is already up and running here with nearly 35,000 signatures. You will be kept updated as and when we hear any more.