On Tuesday, Peterborough City Council cabinet members voted to replace its previous agreement, where the authority was responsible for maintaining the track, and issued a community license that would allow the club to apply for funding from groups such as Sport England.
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The council owns the track based in Orton Malborne, which is a community sports facility that has been used by the club for over 40 years.
The rink was an important local facility that had unlimited access for community use, the council said.
Any external funding obtained by the club would be used to upgrade the facilities to a national competition standard.
Following the decision, the club will be responsible for all repairs, maintenance and improvements to the track.
Mohammed Jamil, Labor cabinet member for finance and corporate services at the authority, said: “Granting this license is beneficial to Peterborough City Council because it is reducing the financial burden on the authority to maintain the site.
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“It also preserves unrestricted public access and gives Peterborough the opportunity to become a venue for national BMX events, putting the city on the map as a place to visit for BMX enthusiasts.”
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