CWhaley

Another case were they can not see the tree's through the forest!

Phokaioglaukos

No question NJMP is in trouble--the bankruptcy filings say that the equity has a deal with the senior secured lender that swaps some debt for equity, allows full payment to a number of critical suppliers and honors deposits for suites, so why was a filiing necessary? Which unsecured creditors are being gored? Did TRG lose money? I very much hope by the end of the year NJMP can get a reorganization plan approved by the court and implemented so that next year's season will have more spectator events. It's a blow that TRG will not, afterall, build. It was a blow that the two tracks were not linked as originally planned.

What's happening with Liberty Bell Motorsports Park?

DM993tt

I dont think we've heard the last here. It is clear that the management is the root cause of the missteps in the facility that have put them in this position. I think TRG is interested in the facility, but not the management. I suspect what we are seeing here is the expression of their dissatisfaction with the way the park is run from the top, and their way of saying, unless there is change among the top brass, they want no part of the operation - which hopefully might be enough of a kick in the teeth to make some change happen. But if it doesnt, I dont think any restructuring will overcome the poor direction from the management.

Circuit Motorsports

Future business and investment from a single team?

Come on now. The difference in the bottom line that TRG brings to the table for the track isn't that much. You think Synergy or Sasco have much of an effect on the bottom line at VIR? Sasco is one of the biggest vintage shops/groups out there and the vintage events have been poor at VIR for the last few years.

Outside of the little bit in rent they'd collect from TRG they aren't losing as much as you guys think. All that lunch hour track testing that TRG would do is usually included in rent at a place like that. PCA races will still happen without TRG there. PCA DEs will still happen without TRG there.

Also TRG was already delayed quite some time in the original building of the site. I think the death of Farnbacher Loles made the area look ripe for the picking. Right now TRG is doing all they can to keep in the top 35 in owner points in NASCAR (which they are one spot out of) and I can't imagine throwing 5 million into another facility would be a smart move right now. I think the bankruptcy was an easy reason to pull out of the deal and wait a while and save some money. If they build something out in the next 6 months at WGI or other facility then I'll admit I'm wrong but there molasses speed of movement right now makes me think that they just don't want to spend the money.

cello

Dave M you might be onto something (see bolded language). TRG's Press release just recieved via email:

TRG to Exit from New Jersey Motorsports Park

Petaluma, CA (March 29, 2011)- Following several years of planning both from a developmental and financial means, TRG has decided to postpone its current plans to develop an East Coast hub at the recently built New Jersey Motorsports Park.

With plans including everything from a lavish new country club environment for racers, to personal car condominiums, all the way to a driving school and place to have an exotic, collector, or sportscar maintained, TRG had always had very ambitious plans for the new project. With Millville, New Jersey’s geocentric location to such cities as New York, Philadelphia, Boston and Washington D.C., the compound had always been seen as a perfect locale for the busy East Coast executive to handle his racing fix.

Unfortunately, on-going ownership, management and directional issues of the park and a recent bankruptcy filing of the facility has forced TRG to distance itself from the current racetrack until a clearer direction for the park is seen.

For Team Owner Kevin Buckler, the prospect and opportunity was strong in the beginning but the recent challenges of the facility have made it difficult to continue.

“When TRG first came to New Jersey Motorsports Park we had very high hopes on our future plans together, as did the park and its management,” stated Buckler. “It was a major East Coast expansion for us adding to our current successful operations in Petaluma, California and Mooresville, North Carolina. We loved the local town and its people and their enthusiasm for our involvement in the community. The park has obviously had some challenges and things did not develop as we had hoped for. We no longer support the ownership and management of the facility or it’s vision for the future. Our brand is very strong right now and our NASCAR and Sportscar racing programs are in full swing. It is regrettable, but in the best interest of TRG to distance ourselves from this current situation. Our lease is not up for several months but we are removing all of our equipment, temporary personnel and signs as of today. We wish the park the best of luck in the future and hope we can be back again someday if the conditions are right.”

The New Jersey Motorsports Park was founded in 2007 with the idea of being an East Coast hub for modern road racing. Featuring professional and club events that included participation from AMA Pro Racing, GRAND-AM, and the ARCA Re/Max series, the campus had always featured a fast and diverse calendar of events.

TRG is a full-service motorsports company offering a total driver ladder approach, as well as comprehensive sponsorship opportunities. For drivers, this approach starts with track days, goes to club events, up into street stock series and culminates in the ultimate goal of professional motorsports. For sponsors and business partners, this approach starts with everything from Executive events, to traditional sponsorship models, all the way to business-to-business networking and experiential marketing. With facilities in Petaluma, California and Mooresville, North Carolina the team can offer turn-key marketing programs as well as arrive-and-drive support.

The company’s NASCAR operations are headquartered in Mooresville, North Carolina. The team fields a NASCAR Sprint Cup Series entry and has the capacity to run ARCA, Nationwide and the Camping World Truck Series.

The Racer’s Group was founded in 1993 and has been competing at the top level of motor racing. The team boasts Rolex Series GT championships in 2005 and 2006 and holds the record for the most wins in Grand-Am with 32. The team’s resume is highlighted by five championships, four Rolex 24 Hour at Daytona victories, and a Le Mans 24 Hour win.

Potomac-Greg

Sometimes a little bankruptcy reorganization is all you need to make conditions improve. If management is the issue, the creditors will likely have their way and shuffle out the problem. Buckler may be back sooner than you think. It's not like there are many alternatives!

MUSSBERGER

A lot of shops up here wanted to be the next F-L. They wondered how they could get all those big spenders. Turns out it was a business model that depended on external "subsidies". I think Joe is fairly accurate on his insight into Buckler's thought process.

ProCoach

+1,000,000

I think this was Kevin's exit strategy...