Fate sealed for council's motorsport precinct company
A CONTROVERSIAL Ipswich City Council-owned company now ceases to be.
Ipswich Motorsport Park was formally de-registered by the Australian Securities and Investments Commission earlier this month.
It signals the end of the two-year company, which was established to progress the master-planned upgrade of Ipswich Motorsport Precinct, including Queensland Raceway.
"The deregistration by ASIC is the last step in the wind-up process of the company," an Ipswich City Council spokesman said.
In 2016 the council resolved to buy back some leases, including Queensland Raceway.
That process was only expected to occur with a long and expensive legal process.
While the company has closed, the work it was set up to do - improving motorsport in Ipswich -will continue.
"Council is currently working with the existing users of the precinct to develop a long-term development plan for the precinct," the spokesman said.
The company's closure will not affect Queensland Raceway operations, which is managed independently.
Plans to develop the raceway were put on hold in November after the election of Andrew Antoniolli as mayor when he pledged to review all of the council's companies.
The future of CBD development company, Ipswich City Properties, is expected soon.