THE STOW: "Option to buy" agreed a year ago

3:45pm Friday 15th August 2008

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AN "OPTION to buy" Walthamstow Stadium agreed last year has raised questions about the owners' assurances that the site would not be sold.

Land Registry documents seen by the Guardian suggest that an agreement to give Walthamstow Stadium Developments the option to buy land at the stadium was made on July 6, 2007.

The exact terms and conditions of that agreement have not been disclosed.

Such a agreement would not mean a sale would definitely go ahead, but Walthamstow Stadium Developments, a consortium of three developers, had the right to buy within a set period.

It is not known whether the option related to the whole or only part of the stadium.

A sum of money would normally have changed hands as part of the agreement – although it could be as little as £1.

The whole stadium is now being sold to Walthamstow Stadium Developments, which takes possession on September 1.

The discovery of evidence of an earlier agreement has caused shock waves among the racing community, after trainers were given firm assurances last November that the track's future was secured.

Greyhound trainer Rick Holloway, who is part of a consortium which is trying to buy the stadium and continue racing there, said he felt deceived.

He said trainers would consider whether they could take legal action.

Rumours that the track would be sold have been rife for years and reached a peak last year after the stadium's Charlie Chan's nightclub was closed.

But trainers left an emergency meeting with chairman Charles Chandler and racing manager, Chris Page, in November believing there was no deal on the table.

They renewed leases on their kennels, remortgaged their houses and bought new dogs.

Trainer Mark Wallis said: "The trainers feel badly let down by the Chandlers after all the work we've done over the years."

The stadium's spokesman said managing director Jack Chandler had "no idea what you are talking about regarding a sale last year."

He added: "The final paperwork was signed this week."

A spokeswoman from housing association, London and Quadrant, one of three housebuilders which makes up the company said the social landlord was looking into the claims.