Perth Racecourse is in line to receive a £5 million cash injection if a takeover by Scone Estates is voted through by members this month.
The track is situated on land already owned by the Mansfield family, who act as landlords to the current racecourse administration.
Now, through their Scone Estates company, they have bid to take control from Perth Hunt Club, according to a report in the Scottish Sun.
If the move is voted through at an EGM on December 14, Perth Racecourse Limited, a new company which is wholly owned by the Mansfields, will take over the running of Scotland’s most northerly track, home of the annual Perth Festival.
As part of the deal Perth will have its current debt of £1 million paid off – and will receive investment amounting to £5 million over the next eight years.
The Earl of Mansfield will also guarantee the future of racing at Perth for the next 100 years.
With the track needing to invest heavily to comply with new racing regulations by 2025, members of the current controlling company have been advised by management to accept the offer.
Chairman John Gellatly told members in a letter calling December’s EGM said: “Wrapping the racecourse management into the larger entity of Scone Estates will insulate the racecourse against the various economic headwinds such as recession, the cost of living crisis and various specific challenges within the horse racing industry, such as the gambling review and racing industry rules-driven capital expenditure.
‘Voting in favour’
“As a landowner that also focuses on tourism and leisure, Scone Estates can realise efficiencies and synergies for the racecourse which the Perth Hunt Club as a separate tenant could not.
“It would be of considerable comfort to the committee, and indeed to Scone Estates, to obtain the approval from Perth Hunt members at the EGM by voting in favour of the resolution.”
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