Towcester Racecourse has a long tradition and heritage associated with national hunt racing and has also developed a greyhound racing offering in recent years, including hosting the prestigious England Greyhound Derby.

Last weekend’s scheduled greyhound racing was cancelled and at the time Towcester Racecourse Company Ltd, proprietors of Towcester Racecourse, put out a message saying the company was currently experiencing trading difficulties and in discussions with key stakeholders and professional advisors on the way forward.

The statement said: ‘However, the directors have concluded that they have no alternative in the short term but to seek court protection and are now taking steps to place the company into administration.’

Mark Orton, KPMG partner and joint administrator, said: ‘In recent months, the company has experienced significant financial difficulties and the directors have been working with shareholders and stakeholders to identify a workable long-term solution.

‘Sadly, this has not been possible and as a result the directors have taken the difficult decision to place the company into administration.’

The administrators have retained a skeleton staff of three to help with the wind-down.

Orton said: ‘We will also be exploring the possibility of securing a sale of the business and its assets and would encourage any interested parties to contact us as soon as possible.’

Report by Pat Sweet