Council company winds up, won't repay $450K debt
IPSWICH Motorsport Park will be wound-up this week while the company's debt will not be repaid.
According to the last Ipswich Motorsport Park financial report, for the 2016-2017 financial year, the company had a deficit of $412,699.
Earlier this year Ipswich City Council agreed to write down the Ipswich Motorsport Park's $450,000 debt.
The closure of the company is expected to be be finalised this week, or next.
It was established in 2016 to progress the masterplanning and development of Willowbank motorsport precinct.
Former Supercars executive Damien White was hired to manage the proposed $220 million redevelopment.
He resigned after a few months, blaming a difference in strategic direction with the board.
Since Mr White's resignation little progress has been made at the precinct.
A $450,000 loan agreement with Ipswich City Council had no repayment schedule or monthly minimum repayment.
The directors' report notes the company was established to redevelop the Willowbank motorsport precinct.
It cites masterplanning for the site's future growth, investigations into strategic land acquisitions, supporting existing precinct events and investigations into various commercial and non-commercial precinct opportunities as "significant activities" of the company.
According to the report the company paid an insurance premium to provide directors indemnity.
The report reveals $506,755 was paid by the company for "professional services".
Plans to develop Queensland Raceway were put on hold in November after the election of Andrew Antoniolli as mayor.
He pledged to review all of Ipswich City Council's own companies.
In 2016 the council resolved buy back some leases, including Queensland Raceway.
That process was only expected to occur with a long and expensive legal process.
Three of the company's directors, Paul Pisasale, Jim Lindsay and Craig Maudsley, have been charged by the Crime and Corruption Commission.
All deny wrongdoing.
Ex-councillors Paul Tully, David Martin and David Morrison, dismissed last week, are on the Ipswich Motorsport Park board.