Scots furniture tycoon Robert Morris has purchased Rowallan Activity Centre to rebrand and rename it as The Morris Equestrian Centre.
Mr Morris, who owns the Glasgow-based Morris Furniture Group, completed the purchase of the centre from administrators KPMG on September 12.
The sale heralds the end of Rowallan AC’s era under the ownership of founders Lord and Lady Rowallan.
They broke the news via social media last week expressing “huge shock” at the takeover, claiming the sale had been carried out by the administrators without their knowledge.
But horse riders, who have now seen the centre go in and out of administration and on and off the property market a number of times over recent years, hope it will bring a period of certainty to the future of the Olympic sized indoor arena venue.
Fears for the future of Rowallan had been building among the equestrian fraternity since Lord Johnnie Rowallan admitted that parent company Rowallan Holdings had encountered financial problems and had “unexpectedly” gone into administration earlier last year.
At the time, accounts showed the company owed creditors £1.4 million and was saddled with a further £1m of debt, but Rowallan Holdings’ then last published books for 2010 showed liabilities of £2.1m against assets of £119,000.
In 2010 the centre was put briefly on to the market with a price tag of £16.5m, before reappearing on the market earlier this year, initially for £2m, before dropping to £1.25m.
Lord Rowallan built Rowallan AC, without planning permission, at a cost of £3m in 2000, but later received retrospective approval from the Scottish Executive.
Now, Mr Morris, who is the owner of approximately 70 dressage horses, said he plans to expand dressage and showjumping at the centre as well as improving the accommodation and facilities.
He said he has also bought an additional 600 acres to accompany the centre site, which could bring with it the potential for reintroducing eventing to the venue.
“We want it to be bigger and better,” Mr Morris said.
He said the changes will bring with them the introduction of more shows and more prize money to the venue.
“We hope this will have a massive impact on the Scottish equestrian scene, which has suffered a blow in recent times,” he said.
He added that all previous competition schedules will be honoured, including the dressage Home International which will take place at the end of this month.
Mr Morris previously won the highest compensation payment ever made as a result of a road scheme.
In 2005 he was told he could expect £15m for the loss of his factory which lay in the path of the then proposed M74 motorway at Rutherglen.
But after he took the matter up with the then First Minister Jack McConnell, his company was paid £35m.