UHY confirms fate of Manchester’s speedway amid double liquidation

Belle Vue Aces’ speedway licence revoked at the same time as Belle Vue’s licence to occupy Manchester’s £8m National Speedway Stadium is not renewed due to financial concerns.

Manchester-based speedway club, Belle Vue Speedway Limited, which formally owned and managed the Belle Vue Aces, has formally entered liquidation following concerns over financial management, as confirmed by liquidator Nick Hancock, partner in our Manchester office.

The club was originally taken over by Chris Morton MBE and David Gordon in 2006, and traded out of the Belle Vue Greyhound Stadium until they moved to the National Speedway Stadium in 2016.

The club is presently held by the British Speedway Promoter’s Association (BSPA) and negotiations are continuing to agree a franchise for Manchester.

In a further announcement, a decision was taken to liquidate the company set up to run and promote the new National Speedway Stadium in Belle Vue Manchester, B V Arena Limited (BV).

The £8 million arena in Gorton was completed in April 2016, following 10 years of strategic planning with Manchester City Council (MCC). Although there were initial problems with the track which delayed several of the opening meetings, there is no doubt that the project produced an iconic arena and the best speedway facility in the UK.

The arena went on to host the International Speedway Cup and several other high profile races. After failing to meet important requirements put in place by the National Speedway Stadium whilst simultaneously accruing significant debt, MCC took the decision not to renew BV’s licence to occupy the stadium at the same time as the BSPA revoked Belle Vue Aces’ speedway licence resulting in the inevitable liquidation of the companies.

MCC were reviewing the future of the stadium. An official decision has been made by the council who have confirmed that they are ‘committed’ to maintaining a speedway team in the city.

Nick Hancock, head of the insolvency and corporate recovery department in Manchester, comments on the appointment: “Chris and David’s mission was to secure the longevity of speedway in the Belle Vue region, so it’s a shame to see their speedway licence revoked. Both the arena and the club are iconic to Manchester, and the construction of a world class stadium was part of an important regeneration project for East Manchester. It was a sad day for speedway fans when the club closed, but it is heartening to know that speedway will remain at the national speedway stadium.”

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