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JANUARY 10, 2001

Lloyds chairman brought in to rescue Rockingham

ROCKINGHAM SPEEDWAY has this week taken firm steps to secure its future after management and building problems have threatened the future of the first British CART oval track which is scheduled to hold a round of the US Champcar series this year.

Peter Middleton, the former chairman of Lloyds of London, has been brought in by leading City banker Guy Hands to get the business on a firm footing again. Hands, head of Nomura's principal financial group, holds a 68 per cent stake in Rockingham through a 35 million pound investment in the new track.

However it appears that the heavy winter rain in the UK has dramatically affected the building work necessary to complete the circuit and the "incumbent management" has reportedly failed to institute a firm business plan.

Consequently Hands has asked Mr. Middleton, who chaired Nomura's abortive bid for the beleaguered Millennium Dome in London, to take on the Rockingham project. "This should culminate in a firm budget and a business plan for the year," said Middleton this week.