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NJMP bankruptcy update

 
Old 05-25-2011, 08:27 PM
  #16  
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Originally Posted by Potomac-Greg View Post
Not to mention the tracks that have disappeared over the decades, and tracks that have died and come back to life (VIR). Personally, I would pay 25% more for track costs if that keeps my hobby alive.

So, what characteristics do the "successful" tracks share?
Everyone is paying more than 25% more than ten years ago for track rental for that reason. To keep the numbers up in order to keep the doors open.

Good lord, the capital improvements to reopen and expand VIR total in excess of $45 Million and George Barber spent $60 Million of his own money to build his place ten years ago! The last time Road Atlanta sold, it was to Panoz for twice what it was bought out of bankruptcy for (and Jim, George and their partner didn't make a dime, at least they preserved their own investment) and then he dumped another $30 Million in it to chase a Champ Car race... Lawrence Stroll spent $40 Million of his own money on making Tremblant his own private playground (that he shares occasionally, thank goodness!).

Except for the very smallest "club" tracks, the successful tracks have many, many irons in the fire. Outside group sales, country clubs, new vehicle launches, advertising shoots, commercial (and in a few cases) residential development, OEM manufacturers tie-ins, academic tie-ins, regional development grants, tax abatements and other incentives, vehicle and other commercial sponsorships, all stuff way beyond the hum-drum track rental alone.

It's simply not enough to rent to clubs and for-profit groups.
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Old 05-25-2011, 09:22 PM
  #17  
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Larry Miller spent more than $100 million to build Miller Motorsports Park.

The only exception has been Pikes Peak Int'l Raceway, which seems to sell for thirty cents on the dollar whenever it sells. In the past 6-7 years it's changed hands three times. First time for $30 million, second for $11 million, third time for $3 million.
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Old 05-25-2011, 09:31 PM
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Larry (bless him) was a REAL enthusiast! A phoenix from the desert (or the salt lake.)
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Old 06-16-2011, 06:01 PM
  #19  
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Anything new with the investors?
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Old 06-16-2011, 09:46 PM
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Originally Posted by 95m3racer View Post
Anything new with the investors?
"New Jersey Motor Sports LLC said this afternoon it has proposed a definite plan to emerge from bankruptcy following a July 14 hearing in U.S. Bankruptcy Court in Camden.

At that hearing, the park said, it expects the court to confirm its Plan of Reorganization. “This will mark the end of a remarkably quick restructuring process, whereby NJMP filed Chapter 11 bankruptcy on March 7th with an agreement with its secured lender, Merrill Lynch Mortgage Capital Inc.,” the park said in a statement.

<<snip>>

NEI’s and Merrill Lynch’s proposal is subject to “higher and better cash offers” — with a minimum of $23 million.

<<snip>>

There are specific bidding procedures to which any interested parties must adhere."

Nothing changed from this information, which is and has been accurate for some time... We'll all find out, soon enough.
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Old 06-16-2011, 10:37 PM
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Peter, is it too late to bring back Meadowdale?

Autobahn seems to have their act together...
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Old 06-16-2011, 10:46 PM
  #22  
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Originally Posted by Mike in Chi View Post
Peter, is it too late to bring back Meadowdale?

Autobahn seems to have their act together...
Yes, and YES!
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Old 06-16-2011, 11:11 PM
  #23  
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Originally Posted by Lolaman View Post
Larry (bless him) was a REAL enthusiast! A phoenix from the desert (or the salt lake.)
Agreedified, Peter.

Incredible facility. Fun track with a long, long front straight. Halfway down it, in a spec miata's mirrors I see, a Cup car enter the front straight. It passed me before Turn In. That's how long it is. You spend a lot of time at terminal velocity in a Pinyata at that track.

Great collection of Cobras, Ford GTs and other Fords in the museum.

Ranks up there with The Glen, VIR, Road America, LS and Road Atlanta. If it was on either coast, it would be Mecca to the locals.
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Old 06-17-2011, 05:26 PM
  #24  
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New membership options...way to get some more cash flow?

http://www.njmp.com/news/news.php?newsID=318
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Old 06-19-2011, 08:48 PM
  #25  
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Great way to get NEW people into the sport, sounds like to me.

Again, the track operations part is NOT the problem here. It's the associated development of residential and commercial options on-site that is taking too long. A common problem, in case you haven't heard.
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