A NEW company is ready to stake £1 million on running Hereford Racecourse - but can’t make its move until Arena Leisure and Northern Racing let go of the lease.

Former clerk and secretary of the racecourse John Williams says his consortium is “ready, willing, able and knows what it’s doing.”

The course is a good bet to be mothballed, at best, next year with Arena and Northern unwilling to re-start talks with Herefordshire Council over the course’s future until September.

That means the course misses the deadline to get races on its calendar next year.

Last week the Hereford Times revealed that the council had offered Arena and Northern a 125-year lease with scope for a hotel and conference centre.

The offer was intended to stop Arena and Northern closing the course by Christmas, as it had announced.

Arena and Northern has said they are also willing to talk to other potential operators.

But Mr Williams says his consortium can’t do anything until Arena Leisure and Northern Racing forfeit their lease for the course.

That means there could be a 12-month period where there’s no racing taking place.

“We would miss out, but starting it up again in January 2014, would not be a problem," added Mr Williams.