The Memphis track sold for 2 million but is showing a pulse:
Memphis Motorsports Park open for testing: The oval track at Memphis International Raceway is open for training. The raceway's new owner, Moroso Investment Partners, said Thursday that the three-quarter-mile paved oval track is ready for stock car racing after months of facility improvements. Moroso says two of the facility's three race tracks have received clearance to host racing events. Crews have scraped and ground the drag racing surface, installed and upgraded a computerized timing system, and improved and painted concession stands and restrooms. Oval track rental prices start at $5,000 per day for one to four race cars and increases to $5,500 per day for five to six cars. Moroso closed the $2 million deal to buy the former Memphis Motorsports Park in January. The last NASCAR event held there was in 2009.(Associated Press)(6-17-2011)
Memphis Motorsports deal closes: Moroso Investment Partners, the ownership group of Palm Beach International Raceway, has closed the transaction on purchasing the Memphis Motorsports Parkfrom Dover Motorsports Inc. for $2 million. Moroso was the high bidder at an auction Dec. 14. The purchase includes all 342 acres, including a quarter-mile drag strip, a three-quarter-mile paved oval and a road course. A news release Monday from Moroso said the new owners hope to have the track open in April. Dover Motorsports closed the park in November 2009. Pam Kendrick has been named vice president and general manger of the facility. She previously was senior director of administration and finance of the facility under Dover Motorsports. Chris Sowell has been named facilities manager. The Memphis facility will reopen sanctioned as an IHRA facility, with Summit Super Series bracket racing and weekly test and tune sessions, the release said.(Memphis Commercial Appeal)(2-1-2011)
Memphis track sold: After being vacant for more than a year, Memphis Motorsports Park sold at a live auction Tuesday morning for slightly less than $1.9 million. Independent investor Joe Lubeck placed the highest bid for the tract – $1.875 million – after the bidding opened at $3 million. Lubeck is managing partner of Jupiter, Fla.-based Palm Beach International Raceway, formerly Moroso Motorsports Park. Jason Rittenburry, Lubeck's partner, ran the track for 11 years. The bidding took place onsite at one of the facility's parcels, 5500 Victory Lane, near Millington. The property's two tracts were sold as a whole after Morris Auction Group LLC had publicized it could be sold as separate tracts or together. The multi-track complex includes a 0.75-mile asphalt oval, a 0.25-mile championship drag strip and a 1.77-mile road course. The auction drew a big crowd but only a few serious bidders. After no bids at the opening price, Morris Auction Group quickly dropped the price to $2 million and then $1.5 million. In April, Andy Cates and Preston Thomas of Colliers International listed Memphis Motorsports Park for $6 million, a price "substantially below value," according to the website created by the commercial real estate firm to sell the property. A 10 percent buyer's premium was added to Lubeck's bid, bringing the total to $2,062,500. The closing will be within the next 30 days at the law offices of Harris Shelton Hanover Walsh PLLC. The real estate sold within less than 10 minutes of the auction's open. The personal property was then sold individually, including everything from tractors to kitchen equipment. In all likelihood, the property will remain a motorsports park. Tuesday's auction comes after the NASCAR and NHRA 2011 schedules have been released. While the NHRA has 140 tracks, Memphis was one of only 23 to host a national event and was sanctioned in 1988 as the host site of the Mid-South Nationals. "I can only imagine that it would be challenging to try to be added to their schedule at this point," [Gary Camp, director of communications at Dover] said. "But the facility is in great shape, and with some minor work, both the NHRA and the Motorsports oval could be race ready."(Memphis Daily News)(12-15-2010)
Memphis Motorsports Park open for testing: The oval track at Memphis International Raceway is open for training. The raceway's new owner, Moroso Investment Partners, said Thursday that the three-quarter-mile paved oval track is ready for stock car racing after months of facility improvements. Moroso says two of the facility's three race tracks have received clearance to host racing events. Crews have scraped and ground the drag racing surface, installed and upgraded a computerized timing system, and improved and painted concession stands and restrooms. Oval track rental prices start at $5,000 per day for one to four race cars and increases to $5,500 per day for five to six cars. Moroso closed the $2 million deal to buy the former Memphis Motorsports Park in January. The last NASCAR event held there was in 2009.(Associated Press)(6-17-2011)
Memphis Motorsports deal closes: Moroso Investment Partners, the ownership group of Palm Beach International Raceway, has closed the transaction on purchasing the Memphis Motorsports Parkfrom Dover Motorsports Inc. for $2 million. Moroso was the high bidder at an auction Dec. 14. The purchase includes all 342 acres, including a quarter-mile drag strip, a three-quarter-mile paved oval and a road course. A news release Monday from Moroso said the new owners hope to have the track open in April. Dover Motorsports closed the park in November 2009. Pam Kendrick has been named vice president and general manger of the facility. She previously was senior director of administration and finance of the facility under Dover Motorsports. Chris Sowell has been named facilities manager. The Memphis facility will reopen sanctioned as an IHRA facility, with Summit Super Series bracket racing and weekly test and tune sessions, the release said.(Memphis Commercial Appeal)(2-1-2011)
Memphis track sold: After being vacant for more than a year, Memphis Motorsports Park sold at a live auction Tuesday morning for slightly less than $1.9 million. Independent investor Joe Lubeck placed the highest bid for the tract – $1.875 million – after the bidding opened at $3 million. Lubeck is managing partner of Jupiter, Fla.-based Palm Beach International Raceway, formerly Moroso Motorsports Park. Jason Rittenburry, Lubeck's partner, ran the track for 11 years. The bidding took place onsite at one of the facility's parcels, 5500 Victory Lane, near Millington. The property's two tracts were sold as a whole after Morris Auction Group LLC had publicized it could be sold as separate tracts or together. The multi-track complex includes a 0.75-mile asphalt oval, a 0.25-mile championship drag strip and a 1.77-mile road course. The auction drew a big crowd but only a few serious bidders. After no bids at the opening price, Morris Auction Group quickly dropped the price to $2 million and then $1.5 million. In April, Andy Cates and Preston Thomas of Colliers International listed Memphis Motorsports Park for $6 million, a price "substantially below value," according to the website created by the commercial real estate firm to sell the property. A 10 percent buyer's premium was added to Lubeck's bid, bringing the total to $2,062,500. The closing will be within the next 30 days at the law offices of Harris Shelton Hanover Walsh PLLC. The real estate sold within less than 10 minutes of the auction's open. The personal property was then sold individually, including everything from tractors to kitchen equipment. In all likelihood, the property will remain a motorsports park. Tuesday's auction comes after the NASCAR and NHRA 2011 schedules have been released. While the NHRA has 140 tracks, Memphis was one of only 23 to host a national event and was sanctioned in 1988 as the host site of the Mid-South Nationals. "I can only imagine that it would be challenging to try to be added to their schedule at this point," [Gary Camp, director of communications at Dover] said. "But the facility is in great shape, and with some minor work, both the NHRA and the Motorsports oval could be race ready."(Memphis Daily News)(12-15-2010)