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A major hurdle has been overcome in Tauranga City Council's $12 million bid to buy Baypark from Bob Clarkson.
The Bay of Plenty Speedway Association has opted to relinquish its head lease over the land the stadium sits on in exchange for a guarantee speedway will continue at Baypark.
Association president Gary Finemore said about 90 per cent of the 70 or so members at last night's meeting at Baypark voted in favour of relinquishing the lease which has 14 more years to run.
Mr Finemore said the move to relinquish the lease was a good for all parties.
Mr Clarkson says he has spent $24 million building the 20,000 seat Baypark stadium; changing rooms; offices; conference centre; 700-vehicle car park and rugby-playing surface.
He has agreed to sell everything to Tauranga City Council in a six-year deal that allows the council to put down a $2 million deposit this year and repay the rest in five annual instalments of $2 million.
Tauranga Mayor Stuart Crosby said the speedway association's decision last night to quit its lease removed the final barrier to the council before it proceeded to buy Baypark. He said the lease needed to be set aside so the council could have control of the whole Baypark site on which it plans to build a sports and exhibition centre, the cost of which has been predicted to be as high as $44.5 million.
Mr Crosby said a written agreement that secured the future of speedway at Baypark was in place.
