NJ Motor Sports Park Offered For Sale in Bankruptcy
#1
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NJ Motor Sports Park Offered For Sale in Bankruptcy
Millville NJ Motor Sports Park offered for sale in Chapter 11 case. Minimum qualifying bid is $23M. I have the teaser and basic financials from the investment banker if anyone is interested. Qualifying bids are due June 29th.
Serious inquiries only, please.
http://www.njmp.com/index.php
Serious inquiries only, please.
http://www.njmp.com/index.php
#4
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TWENTY THREE _______ MILLION???? This thing built on an oil field? Or are there mining prospects?
Yeah, I'd love to see the basic financials. Say you're 50% equity. Debt service, interest only, at what I'll guess is the going rate would be over$60K/mo. That's before you've paid a dime in operating costs. So you tie up $11.5M of your own cash (assuming you get it at the minimum), AND need to pull in probably $200K/mo gross for the 10(?) months you can operate to just break even. Uh huh.................
Yeah, I'd love to see the basic financials. Say you're 50% equity. Debt service, interest only, at what I'll guess is the going rate would be over$60K/mo. That's before you've paid a dime in operating costs. So you tie up $11.5M of your own cash (assuming you get it at the minimum), AND need to pull in probably $200K/mo gross for the 10(?) months you can operate to just break even. Uh huh.................
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#8
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June 29th is my birthday. I wouldn't mind a collective present of a crumbling race facility from collective Rennlist membership. Yep, that's it, I'm getting a present this year.
PS. Ken, you can operate for 10 month a year in NJ only if you alternate penguin harness racing with polar bear gladiator fights from October to April.
PS. Ken, you can operate for 10 month a year in NJ only if you alternate penguin harness racing with polar bear gladiator fights from October to April.
#10
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Guess I'm spoiled out here with our 12 month track season, and just don't understand how most of you guys have to limit yourselves.
#12
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Ken, it's no problem. We can have polar bears do ice skating or studded-tire motorcycle racing. Your choice. As long as your wife buys it (pun intended).
#13
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#15
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Regardless of the one foot in the grave financials, in order for this to work, the place would have tobe completely re-defined-for example-change to be more a year round attraction, adding venues that are covered and cater to all drivers, go-karts and maybe off-road (?) become a Disney for Drivers sort of thing. Now that would be cool-