Lake Torrent developer goes into receivership as plans for Â£30 million circuit hit rocks
Plans for a multi-million pound racing circuit in County Tyrone have hit the rocks following confirmation that the developer has gone into receivership.
The Â£30 million project has fallen flat after it was revealed Manna Developments Ltd went into insolvency on Monday.
It had been hoped a round of the World Superbike Championship would be staged at the venue in the near future.
Preparatory work began on the site of the former clay pits in Coalisland in September 2017.
A sensational announcement in January outlined plans for a round of the World Superbike Championship to be staged in Northern Ireland at the new circuit as early as 2019, with Manna Developments signing a three-year deal with championship promoters Dorna amidst a wave of publicity.
However, development at the site was curtailed earlier this year as a result of reported planning issues and tests related to ‘old mineshafts on the site’.
The project soon stalled, casting doubt on whether or not the venture would come to fruition.
Now, it seems the prospect of a world-class racing circuit in Northern Ireland is as far as away as ever.