The Victoria Embankment was built between 1898 and 1901 as an embankment to retain the river Trent and save the surrounding land from flooding. The New Meadows Recreation ground was opened in May 1906, replacing a Public Recreation Ground on the east side of Queens Walk, lost to the development of the Great Central railway.
The Embankment and Recreation Ground do not seem to have been used for bicycle racing except for a special event in 1949. The Historical Pageants web site records a track meeting on the first of July 1949 at Victoria Embankment in association with the Pageant to celebrate Nottingham's Quincentenary. The events were "Grass Track Cycle Racing, Old Time (Penny Farthing) Races, 3 mile Point to Point Racing."
Victoria Embankment is now known as the Meadows Recreation Ground.