Vetlanda Speedway states that the company's debts amount to just over SEK 3 million.
Despite attempts to save the company, no other solution is seen.
The bankruptcy application means that you now withdraw from the Bauhaus League / Elite Series in speedway with immediate effect.
The newly appointed board of the parent association Vetlanda Motorsällskap has during the past two weeks, since they were given responsibility for the association, tried to find out what the company's finances have looked like and decided to hire a corporate lawyer to clarify the company's finances.
On the advice of the in-house lawyer, the chairman of the board of the limited company today decided to file for bankruptcy.
According to the Swedish Companies Act, they could have chosen to run the company for another two months, but the size of the debts and the difficulties in assessing the size of future income mean that they are now choosing this solution.
The newly appointed board of Vetlanda Motorsällskap supports the decision.
- We have a responsibility both to sponsors, league association ESS and not least to the drivers.
By making the decision now, we give both the league association and the drivers a sporting chance before the series starts.
Had we chosen to try a little harder and not reach the finish line, we would instead have had to cancel in the middle of the season, says Astrid Pöker, chairman of Vetlanda Motorsällskap, on the company's website.
The board of Vetlanda Motorsällskap will investigate the possibilities for the association to continue operating the facility.