Donington park sold
Who?
Wheatcroft and Son, the property developer based in Leicester.
Did what?
Has sold their part-developed Donington race course site to the Adroit Group.
What does this mean?
Adroit has signed a 25-year lease for the site, and has earmarked £2m for development for the rest of the year.
Who advised?
Jacobson Browne, the Midlands-based law firm, acted on behalf of Kevin Wheatcroft, of Wheatcroft and Son.
Insider comment:
Donington park racecourse, which had been in line to host the British Grand Prix, was left incomplete in October 2009 after funds depleted and Wheatcroft and Son were forced to take leaseholder Donington Ventures Leisure Limited (DVLL) to court over unpaid rent arrears. DVLL went into administration, and a buyer has been sought ever since. Kevin Wheatcroft yesterday confirmed that a deal had been reached with Adroit. He said: “We are particularly pleased that after a long interview process, we feel that we have found the right people to move Donington forward into a new and exciting future. [Adroit] impressed us from the first time we met them and we have every confidence in their ability and vision for Donington.”
