rome

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

Quadcammer

well let me see whats under my couch cushions.

steve g

Group Buy !

race911

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.................

deadhead1960

I'd be curious to know how the sellers came up with that valuation. Was it based on actual earnings, land valuation or improvements to the property?

mhm993

That's the value of the reorganization proposal w merrill/bofa and the various equity owners.

Quadcammer

what kinda free cashflow does this place generate?

nile13

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.

ande5000

Evidently not enough...

race911

You almost had me excited about pitching this to my wife, with the mention of polar bears. Then I reread it and processed the gladiator fight part..............

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.

Quadcammer

Clearly but I'm curious if that is due to high debt loads or capex or what

nile13

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).

Greg H.

So basically the owners are still out of touch with reality. The reality that their financial statements are overstated.

Greg H.

tcsracing1

the creditors will be lucky to see the original cost to build.... let alone this inflated price....

aim high i suppose

Franklin229

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-