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26 minutes ago, racers and royals said:

Report in today`s " star " that  Rye House owner Warren Scott has been declared bankrupt.

I wonder where that leaves Rye House stadium. Maybe it will be sold to pay off the creditors.

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6 hours ago, cityrebel said:

I wonder where that leaves Rye House stadium. Maybe it will be sold to pay off the creditors.

BMR are only the leaseholders - as far as I know the Lee Valley authority actually own the stadium

 

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On 1/11/2019 at 8:11 AM, SPEEDY69 said:

Harris is known to follow the money so you may be right.

What on earth is that comment meant to mean with regard to a rider who wasn't paid for many, many meetings where he was risking his welfare and livelihood? 

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On 1/24/2019 at 5:10 PM, Daniel Smith said:

It's clear what I mean. The rider's took advantage of promoters that clearly had no idea about Speedway.

Is it well done Harris? Through the rider's greed, the club closed down and they wasn't paid their full contract and actually ended up worse off because of it, so it isn't "well done" at all for anyone. 

As someone who actually watched Rye House and Harris week in, week out I can assure you it wasn't the rider who caused the club to close down but the shambolic amateurs who ran the club. 

Edited by SFTGNigel

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14 hours ago, startline sid said:

BMR are only the leaseholders - as far as I know the Lee Valley authority actually own the stadium

 

They must have paid Len a few bob to take control of the stadium. A new leaseholder is the only chance speedway has of returning to Hoddesdon. I'm not holding my breath.

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6 minutes ago, cityrebel said:

They must have paid Len a few bob to take control of the stadium. A new leaseholder is the only chance speedway has of returning to Hoddesdon. I'm not holding my breath.

I would guess Clydesdale bank is the new leaseholder of the stadium.

Warren Scott seems to have resigned all his directorships of various companies, and a Robert Scott has been appointed as a director instead.

Warren Scott is still showing as the main (sole) shareholder of Carter & Bailey Ltd, which I believe is Rye House Speedway, but Clydesdale Bank have a fixed and floating charge over the whole of the property, assets and rights of the company.

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1 hour ago, Skidder1 said:

Isn't Robert Scott Warren Scott's son?!

he appears to be 8 years younger so more likely to be his brother!

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It's a fairly common tactic to go bankrupt which means those who are owed don't get it - normally it's a business not the person themselves.  Like a phoenix from the ashes you can then rise again - shadow directors are common, with the real owner in the background..

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On 1/29/2019 at 9:18 AM, Sings4Speedway said:

But at least everyone will know where they stand. Pay up at the end of each meeting and a rider will turn up for the next (considering how easy it is to do via bank transfer these days). Should never be situations where riders ride for 9 meetings without getting paid. No pay, no ride but no risk of being banned. 

According to a rider I know, when I spoke to him a couple of years ago, it is still in the rules that all riders have to sign a document to say they have been paid for the previous meeting before the start of the next meeting. Obviously the reality is that riders sign even when they haven't been paid for all sorts of reasons and we end up with this type of story where riders are owed large sums. Of course, the authorities would blame the rider in these circumstances for not refusing to ride. 

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48 minutes ago, SPEEDY69 said:

It's a fairly common tactic to go bankrupt

It isn't.  It's very much a last resort. 

If you're declared bankrupt your bank accouts are frozen, you can't get credit or take out loans.   You can't act as a director of a company and you can't even manage a company without telling everyone you deal with about your banruptcy.  

A bankrupt is usually released after a year, but it still stays on records for 6 years, so even after a year, a bankrupt will still have problems getting a bank account, getting loans, credit, even taking out insurance.  

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As mentioned above Carter & Bailey Ltd is still active and in the Sep 2017 accounts it had  Gross Assets of £924,547 (one would presume that is the lease with the Lea Valley).

The companies sole director is Robert Scott (nine years younger that Warren)

 

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On 2/9/2019 at 5:25 PM, False dawn said:

According to a rider I know, when I spoke to him a couple of years ago, it is still in the rules that all riders have to sign a document to say they have been paid for the previous meeting before the start of the next meeting. Obviously the reality is that riders sign even when they haven't been paid for all sorts of reasons and we end up with this type of story where riders are owed large sums. Of course, the authorities would blame the rider in these circumstances for not refusing to ride. 

It’s the team captain that has to sign that  not all riders.its an official scb document.clearly they don’t give a stuff either .so long as they’ve got there money ay.! 

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Apparently the training school is due to take place this weekend. So the stadium hasn't been repossessed yet.

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