Superbike circuit has funding but is being held up by planners: developer
A PLANNING issue remains a block to the release of funds for the construction of a world-class Superbike race track in Co Tyrone, the crisis-hit developer of the project has said.
The £30m Lake Torrent project would see the development of the track in Coalisland, with a round of the Superbike World Championship previously pencilled in to take place at the track next year.
But it was announced last weekend that this would not be going ahead as the track would not be ready in time.
Then on Wednesday it emerged that Manna Developments — the company develop- ing the track — had gone into administration.
In a statement last night, Manna confirmed funding was still in place but that a planning issue was preventing it from being released. A spokesman for Manna Developments Ltd said: “Whilst this is of course a disappointing development, it has not come as a surprise.
“We met with the fixed-asset receivers last week and remain in dialogue with them through our legal representatives.
“Funding remains in place to deliver Lake Torrent, but as is the case with any loan, there are conditions which relate to the release of funds — be it for a mortgage on a home, or otherwise.”
The spokesman said the challenge of “resolving one particular planning issue” had meant it was not possible to fulfil the relevant conditions.
He said the company’s partner remained committed to making the funds available, but it was “linked specifically to the resolution of the final outstanding planning issue”.
Earlier this year Manna announced a three-year agreement with World Superbike owners Dorna.
Records filed with Companies House show Manna Developments Ltd went into receivership on October 22.
Although not mentioned in the statement, it is believed the issue could relate to old mine shafts located at the site.
The company said the Mid Ulster MP, Francie Molloy of Sinn Fein, had been helping them. “The MP for the area is entirely aware of the planning condition, which has caused such delay, and has been working diligently to try and bring a resolution for the benefit of Manna Developments, Lake Torrent and the people of Northern Ireland, not least those in his constituency,” the spokesman said.
“Like us, he is hopeful that matters can be resolved quickly.”
After years of speculation about the construction of a world-level racing track in Northern Ireland, plans for the Lake Torrent facility are the closest this has progressed to becoming a reality.
Back in June, Manna Developments Ltd said they were “still aiming for completion in 2019” — although these plans have since been thrown into doubt.
Saying it would be working with various shareholders to resolve the planning issue, the Manna Developments Ltd spokesman added: “With a contract already in place to host the World Superbike championship, everyone needs to work together to seize this once-in-a-lifetime opportunity to really further enhance Northern Ireland’s reputation on the global motorsport stage.”
Phase one of the plan includes a 3.59km circuit, pit garages, a spectator gallery, hospitality facilities and new access and public link roads. Manna has said Lake Torrent could create up to 500 jobs, with major international events potentially attracting 30,000 spectators.