THE new owner of a racecourse has just two weeks to secure a licence so it can hold races next year.

The multi-million-pound Great Leighs Racecourse appeared safe last week when a new buyer was found after it closed down when the group of companies running it were placed in administration.

But it is understood a new buyer would only have until the end of the month to be issued with a licence by the British Horseracing Authority in order to partake in next year’s fixture process.

It was announced last week that Terry Chambers, owner of Ashfields Carriage & Polo Club, in Great Canfield, has entered into an agreement, in principle, with administrators Deloitte to buy the £23million track.

Carlton Siddle, joint administrator and Deloitte partner, said they aimed to exchange contracts tomorrow.

He said: “Assuming the contracts are exchanged, then responsibility for resolving any outstanding issues around the site, and for obtaining a racing licence for Great Leighs, will pass to the new owner.”

Mr Chambers said: “Securing Great Leighs is one thing, but there is still a lot of work to do. With goodwill all round, the licence can be achieved and seamless racing can return through 2009 and beyond.”

A racing licence application has not yet been submitted to the association.

Various issues would also need to be addressed, such as a seven-furlong shoot, which was never built, yet was supposed to be part of the licensing conditions.

Racing at Great Leighs would not be completely ruled out for this year and beyond if the end of May deadline was missed, but it is unclear at this stage what the situation might be.

Mr Chambers, a friend of previous owner John Holmes, added: “Having seen the struggle to create it, and how much it was appreciated by the racing industry, I could not stand by and see the hard work of John and his team come to nothing.

“Without setbacks, it was a good business, generating money for racing. It can be a good business again.”