PLYMOUTH Speedway have commenced formal proceedings to liquidate the company.
The Devon club’s co-promoter Ashley Taylor issued a statement on Tuesday.
The statement read: “It is with deep regret that I have to inform you that as of yesterday (Monday 3rd October) Peninsula Promotions Ltd T/A Plymouth Speedway commenced formal proceedings to liquidate the company.
“The financial situation of the club has been well documented during the season. Unfortunately the necessity to liquidate has been brought about by another season of losses.
“In the previous three seasons the losses have been funded by the directors and shareholders, well in excess of a six-figure sum and despite the best efforts of the “Plymouth Fanzone” raising a considerable sum of money which without, we would not have been able to complete the season.
“The arrangement with the investors, and with only two meetings left, failed to finalise and the takeover was not completed.
“Faced with operational debts which could no longer be serviced, the decision was taken by the directors/shareholders to put the company into liquidation.
The liquidators have been informed that there are interested parties wishing to put in a bid for the track and all its fixtures, which had been created, born out of a rugby pitch by the current and previous owner.
“Speedway returned to Plymouth in 2006 after an absence of 36 years and the current period of operation of 11 years has been the longest period of continuous operation in its entire history. Hopefully, this period will not be interrupted and continue in 2017.
“Our thanks go to all the loyal speedway supporters of Plymouth and those that regularly travel distances exceeding distances of sixty miles and more to support Plymouth Speedway.”