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Walthamstow Stadium sold for development
The world famous Walthamstow Stadium opened in the 1930's has been sold to a development consortium led by Yoo Capital and K W Linfoot plc.
Contracts have been exchanged and completion is expected on or before 1st September 2008. Racing will continue until the middle of August.
In a statement, director Charles Chandler said, "Since the abolition of General Betting Duty in 2001, with the consequent loss of the unique advantage of tax-free betting only on-course, greyhound punters have been able to bet tax-free off-course, and with betting offices and exchanges open throughout the evening to accommodate them, attendances and betting turnover on-course have declined dramatically. Walthamstow's totalisator turnover alone has fallen by some 35 per cent during the period. With all of the principle income streams in sharp decline, and general running costs rising relentlessly, the company's operations have become unsustainable."
Mr Chandler said, "Staff and trainers have been notified and now enter a consultation period. It is hoped that all will find alternative positions after operations cease. From and animal welfare point of view, it is anticipated that most of the greyhounds currently racing at the Stadium will be accommodated at other racecourses. If, however, certain owners choose to retire their greyhounds, every effort will be made to support them in finding suitable homes."
Last year a bid to get the front range of the stadium and its historic Tote board listed by English Heritage finally succeeded.
