Plymouth Devils: Speedway team folds because of financial difficulties

Plymouth Devils
Plymouth Devils had their most successful season in 2015, reaching the Premier League play-offs for the first time

Premier League side Plymouth Devils has folded after financial problems.

They were saved in March having almost gone out of business, but continued low attendances have meant it is no longer viable.

The Devils finished second from bottom of the Premier League in 2016, winning eight of their 24 meetings.

"Unfortunately the necessity to liquidate has been brought about by another season of losses," promoter Ashley Taylor said in a statement.

"In the previous three seasons the losses have been funded by the directors and shareholders, well in excess of a six-figure sum."

It had been hoped that a new consortium could take over the club, which was started in 2006 after a 36-year absence of the sport in the city.

They were taken over in 2012, but two years later warned they could go out of business because of falling attendances.

"The arrangement with the investors, and with only two meetings left, failed to finalise and the takeover was not completed," added Taylor.

"Faced with operational debts which could no longer be serviced, the decision was taken by the directors and shareholders to put the company into liquidation.

"The liquidators have been informed that there are interested parties wishing to put in a bid for the track and all its fixtures, which had been created, born out of a rugby pitch by the current and previous owner."