Lake Torrent developers 'remain committed' to delivering on £30 million motorsport vision

On Thursday, a statement issued on behalf of Manna Developments Ltd said funding remained in place to deliver on its vision for a world-class motorsport facility in Northern Ireland.

A spokesman said ‘everyone needs to work together to seize this once-in-a-lifetime opportunity to really further enhance Northern Ireland’s reputation on the global motorsport stage’.

It had been hoped that the facility would host a round of the World Superbike Championship as early as 2019 after a three-year deal was signed with championship promoters Dorna.

The statement said: “Whilst this is of course a disappointing development, it has not come as a surprise. We met with the fixed asset receivers last week and remain in dialogue with them through our legal representatives. Funding remains in place to deliver Lake Torrent, but as is the case with any loan, there are conditions which relate to the release of funds – be it for a mortgage on a home, or otherwise.

“Unfortunately the challenges in resolving one particular planning issue have been such that it hasn’t been possible to fulfil the relevant conditions precedents. Our funding partner is aware of the status of the planning, and indeed the appointment of a fixed-asset receiver, but remains committed to making the funds available, with clear timings for the likely receipt of these linked specifically to the resolution of the final outstanding planning issue.

“The MP for the area is entirely aware of the planning condition, which has caused such delay, and has been working diligently to try and bring a resolution for the benefit of Manna Developments, Lake Torrent and the people of Northern Ireland, not least those in his constituency. Like us, he is hopeful that matters can be resolved quickly.”

The statement added that Manna Developments remains committed to seeing through its vision for Lake Torrent.

“Our focus remains on the delivery of Lake Torrent and we would call on all stakeholders involved - including local politicians, Mid Ulster Council and the Geological Survey of Northern Ireland (GSNI) - to focus, as a matter of urgency, on this outstanding planning issue and do everything in their power to find a speedy resolution to help us deliver this project, which will bring so much economic benefit to the Mid Ulster region and to Northern Ireland as a whole.

“With a contract already in place to host the World Superbike Championship, everyone needs to work together to seize this once-in-a-lifetime opportunity to really further enhance Northern Ireland’s reputation on the global motorsport stage.”

Development at the site in Coalisland stalled earlier this year as a result of reported planning issues and tests relating to ‘old mine shafts on the site’.