Ambitious leisure and homes plan still on track for East of England Arena despite speedway club reprieve

A new deal to extend Peterborough Panthers’ time at the East of England Arena will not alter the timetable for a multi-million pound development of the venue, the operator has warned.

The Asset Earnings Power Group (AEPG) says it is still on course to submit a planning application for a £50 million leisure led village development on part of the165 acre showground site before the end of the year.

The comments come after AEPG announced that speedway champions, the Peterborough Panthers, would be able to continue racing at its track on the Arena throughout the March to October season next year.

Under proposals unveiled in the summer, the speedway club was to leave the venue by July 1 next year.

But after lengthy talks, the club has been told it can see out next season at the venue, which has been its home for 52 years.

But there is no reprieve for the organisers of other large scale attractions at the Arena, such as monster vehicle festival Truckfest, the National Motorhomes and Campervan Show and the celebration of giant diggers Plantworx, MCN, and Antiques, which will not be able to use the venue after July 1.

A spokesperson for AEPG said: “This agreement is purely for the Peterborough Panthers, because they are a local sports team with strong support, historically integrated with the venue through the speedway track, and cannot relocate with the ease of a simple event or exhibition.”

He said the schedule for the proposed leisure and housing development of the site had not been changed.

And he added: “ AEPG's timetable has not changed as a result of this agreement.

“The planning application is expected to be submitted towards the back end of this year.”

Under proposals unveiled earlier this year, AEPG wants to build leisure-led village with the focus on health and wellness, use of the outdoors, links to Nene Park, plus a hotel, retail, food and beverage outlets in a move that could create 500 jobs

It is hoped the village will transform the area into a national visitor attraction.

The project also involves the construction of up to 1,600 homes around the leisure village, which will form part of a separate planning application.

The homes would contain a mix of affordable, Build-to-Rent properties, private rented, housing association and open marker occupancy homes.

The housing development would see the Panthers’ race track and grandstand ripped up.

AEPG took over the operations of the Arena in 2021 after entering in a land promotion agreement with the East of England Agricultural Society to develop and enhance the site.

The deal involved the purchase of the event catering business, East of England Showground Services, from the Society.

At the time, Alistair Beattie, interim chief executive of the East of England Agricultural Society, said, “The end of the three-day agricultural show in 2012 meant that the showground was no longer essential to the future of the Society.

“Our alliance with AEPG allows the development of the leisure facilities and wider site, leaving the Society to focus on its charitable aims of promoting agriculture, education, and rural life.”