NJ Motor Sports Park Offered for Sale in Bankruptcy - Rennlist - Porsche Discussion Forums

Notices
Racing & Drivers Education Forum
Sponsored by:
Sponsored by:

NJ Motor Sports Park Offered for Sale in Bankruptcy

 
Old 05-30-2011, 11:44 AM
  #1  
rome
Addict
Rennlist Member
Thread Starter
 
rome's Avatar
 
Join Date: Aug 2005
Location: North Shore
Posts: 3,983
Default 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
rome is offline  
Old 05-30-2011, 12:41 PM
  #2  
ProCoach
Rennlist Member
Rennlist
Small Business Partner

 
ProCoach's Avatar
 
Join Date: Jun 2008
Location: Durham, NC and Virginia International Raceway
Posts: 11,958
Default

__________________
-Peter Krause
www.peterkrause.net
"Combining the Art and Science of Driving Fast!"
Professional, Private Driver Performance Analysis
Authorized Sales and Support for AiM Sports, VBOX Video, MoTeC, AutoSport Labs, RaceVoice LLC, Apex Pro and Cosworth Electronics
ProCoach is online now  
Old 05-30-2011, 12:47 PM
  #3  
Veloce Raptor
Torque Monster
Rennlist Member
Small Business Sponsor
 
Veloce Raptor's Avatar
 
Join Date: Aug 2006
Location: In a race car...
Posts: 38,814
Default

OK, someone has to say it: GROUP BUY?
Veloce Raptor is offline  
Old 05-30-2011, 12:49 PM
  #4  
DrJupeman
Addict
Rennlist Member
 
DrJupeman's Avatar
 
Join Date: Sep 2003
Location: New Jersey
Posts: 9,150
Default

Originally Posted by Veloce Raptor View Post
OK, someone has to say it: GROUP BUY?
I'm in for $500.
DrJupeman is offline  
Old 05-30-2011, 01:18 PM
  #5  
race911
Addict
Rennlist Member
 
race911's Avatar
 
Join Date: Feb 2004
Location: Oakland, CA
Posts: 12,315
Default

So my early morning fuzzy math when I saw this on the 993 Forum, was even if you got it at the $23M minimum bid:

50% equity, market rate interest only debt service gives you a $60K nut just for that. So that means you need to gross $200K/mo. for the maybe 10 months you can operate a track in that climate?

Or maybe the handful of pro events each year cover the basic operations, and the track rentals to groups like us make up the profit. But that still figures you've got $10+M laying around to tie up. Which isn't me.
race911 is offline  
Old 05-31-2011, 08:42 AM
  #6  
Willard Bridgham 3
Addict
Rennlist Member

 
Willard Bridgham 3's Avatar
 
Join Date: May 2001
Location: Parral, Chihuahua, Mejico
Posts: 916
Default

You know, this bankruptcy was predictable as rain as is the next reorganization.
Willard Bridgham 3 is offline  
Old 05-31-2011, 04:48 PM
  #7  
Jerseybean
GT3 Track Junkie
Rennlist Member
 
Jerseybean's Avatar
 
Join Date: Oct 2003
Location: New Jersey / San Francisco and Mexico
Posts: 1,489
Default

Would this track be better off with 1/2 of it being a private club track like Monticello, cost of running two tracks must be expensive.
Jerseybean is offline  
Old 05-31-2011, 06:25 PM
  #8  
tomburdge
Addict
Rennlist Member
 
tomburdge's Avatar
 
Join Date: Jan 2007
Posts: 322
Default

Originally Posted by Veloce Raptor View Post
OK, someone has to say it: GROUP BUY?

Would we be entitled to "compensating track time"?
tomburdge is offline  
Old 05-31-2011, 07:05 PM
  #9  
Potomac-Greg
Super User
 
Potomac-Greg's Avatar
 
Join Date: Jan 2008
Location: Suburban DC
Posts: 2,641
Default

Follow the Summit Point business model. Get the US Government to subsidize the tracks by winning big fat government contracts to provide security training.

It is NJ so maybe offer performance driving classes to organized crime families using fleets of Cadillac limos and Lincoln Town Cars? You could even have dedicated facilities like the Genovese Family Garage; or offer "don't ask, don't tell" access to soft marshy areas.

(PS: I'm NY Italian so I have unrestricted license to dish out mob abuse.)
Potomac-Greg is offline  
Old 05-31-2011, 09:01 PM
  #10  
Veloce Raptor
Torque Monster
Rennlist Member
Small Business Sponsor
 
Veloce Raptor's Avatar
 
Join Date: Aug 2006
Location: In a race car...
Posts: 38,814
Default

El em ef ay oh !!!!!!!!!
Veloce Raptor is offline  
Old 05-31-2011, 09:05 PM
  #11  
Larry Herman
F1 Resident Adult
Rennlist Member

Small Business Sponsor

 
Larry Herman's Avatar
 
Join Date: Jan 2004
Location: Lambertville, NJ
Posts: 10,432
Default

Originally Posted by Potomac-Greg View Post
(PS: I'm NY Italian so I have unrestricted license to dish out mob abuse.)
Are you sure? They know where your family lives.
__________________
Larry Herman
2016 Ford Transit Connect Titanium LWB
2016 Chevy Volt - Electricity can be fun!
National PCA Instructor
Past Flames:
1994 RS America Club Racer
2004 GT3 Track Car
1984 911 Carrera Club Racer
1974 914/4 2.0 Track Car

CLICK HERE to see some of my ancient racing videos.
Larry Herman is offline  
Old 05-31-2011, 09:18 PM
  #12  
cello
User
 
cello's Avatar
 
Join Date: Jul 2007
Location: Southern NJ & Coast
Posts: 1,834
Default

Originally Posted by Potomac-Greg View Post
Follow the Summit Point business model. Get the US Government to subsidize the tracks by winning big fat government contracts to provide security training.

It is NJ so maybe offer performance driving classes to organized crime families using fleets of Cadillac limos and Lincoln Town Cars? You could even have dedicated facilities like the Genovese Family Garage; or offer "don't ask, don't tell" access to soft marshy areas.

(PS: I'm NY Italian so I have unrestricted license to dish out mob abuse.)
The food would certainly improve,..... or else
cello is offline  
Old 05-31-2011, 09:46 PM
  #13  
Jerseybean
GT3 Track Junkie
Rennlist Member
 
Jerseybean's Avatar
 
Join Date: Oct 2003
Location: New Jersey / San Francisco and Mexico
Posts: 1,489
Default

Originally Posted by cello View Post
The food would certainly improve,..... or else
Women would improve as well. They would have a pit girl giving you a special rub down after every session - at extra cost of course.
Jerseybean is offline  
Old 05-31-2011, 10:05 PM
  #14  
Potomac-Greg
Super User
 
Potomac-Greg's Avatar
 
Join Date: Jan 2008
Location: Suburban DC
Posts: 2,641
Default

Originally Posted by Jerseybean View Post
Women would improve as well. They would have a pit girl giving you a special rub down after every session - at extra cost of course.
Scrutineers would be rough, but easily bribed.

Potomac-Greg is offline  
Old 06-01-2011, 12:24 AM
  #15  
analogmike
Addict
Rennlist Member
 
analogmike's Avatar
 
Join Date: Dec 2004
Location: Danbury, CT, USA
Posts: 3,713
Default

I'd like to see Big ***** at more races.
analogmike is offline  

Thread Tools
Search this Thread

Contact Us About Us Advertising Cookie Policy Privacy Statement Terms of Service

© 2019 MH Sub I, LLC dba Internet Brands

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.
 
  • Ask a Question
    Get answers from community experts
Question Title:
Description:
Your question will be posted in: