Press Release
Stanley Racecourse Secured
26th September 2007
The Falkland Islands Government (FIG) and the Falkland Islands Company Ltd (FIC) are pleased to announce that they have reached agreement on a land exchange which will result in the whole of the historic Stanley Racecourse site being in Government ownership.
In exchange for the FIC-owned section of the Racecourse and adjacent paddock (approximately 21.4 acres) FIG has agreed to convey to FIC two parcels of land measuring approximately 23.7 acres. One parcel of land is situated on the By-Pass Road near to and west of the FIPASS junction, and the other is situated on the north side of the By-Pass Road adjacent to the MPA Road near Sapper Hill.
As part of the arrangement FIG has agreed not to develop the Racecourse area for a period of 15 years. Additionally, FIG has agreed to provide to FIC grants for the provision of infrastructure in accordance with the recently agreed housing strategy if FIC develop any of the land they will acquire for housing.
FIG is delighted that this long running negotiation is now nearing a final conclusion. Executive Council has agreed that when acquired the west end of the Racecourse should be combined with the existing Government-owned part in a single lease to the Stanley Sports Association. The Government will be happy to work with the Association to consider future developments at the site for recreational purposes.
David Hudd Chairman of Falkland Islands Holdings plc said "I am delighted that we have been able to secure the future of the Racecourse which is such an important part of the Falklands heritage."
The Chairman of the Stanley Sports Association, Owen Summers, has been informed of this agreement and is very happy that the Racecourse has been secured for the future.
