Racing reprieve - Agreement reached to resume Dover racing
Published:Friday | August 14, 2015 | 12:00 AMGlenroy Sinclair
A tentative agreement has been reached for circuit racing to return to the 1.7-mile-long track at Dover Raceway in St Ann. The arrangement was made following a meeting last week between the top brass of the Jamaica Race Drivers' Club (JRDC) and the trustee in bankruptcy for the property, who recently affixed a 'No Trespassing' sign at the entrance of the 43-acre property.
"I met with the trustee in bankruptcy on Monday, so once we honour this agreement, there will be racing at Dover," JRDC President Charles Chen told Automotives last Friday.
Last week, Chen confirmed that the JRDC was in arrears, with money owed to the trustee in bankruptcy managing the property on behalf of the estate of Alfred Chen, Junior Lincoln and Richard 'Dickie' Crawford, the shareholders of Motorsport Jamaica.
"We have been partially given the green light to go ahead with the Heroes of Speed race meet, which is scheduled for the weekend of October 18-19," said Chen.
CELEBRATING MILESTONE
He further stressed that the JRDC will also be using the occasion to celebrate 25 years of circuit racing at the island's premier motorsport facility.
When asked if the JRDC has any interest in acquiring the property, Chen hastily responded, "No. The JRDC does not have any money at this time."
The owners are intent on a resolution.
"We are pushing full speed ahead to have this matter settled," said Richard Crawford, one of the founding shareholders.
Speaking with Automotives on Friday, Crawford explained that over the years, he and Lincoln have been very supportive, ensuring that the JRDC always gets the opportunity to host racing at Dover, despite their financial status.
"Right now, a part of the plan is to make sure that all the agreements are executed. We want this matter to settle," said Crawford, who said he believes the property has an estimated value of far more than $150 million.
A week ago, Lincoln, another shareholder, indicated that one of the urgent things the trustee in bankruptcy will have to do is update the valuation of the property.