NJ Motor Sports Park Offered for Sale in Bankruptcy
05-30-2011, 11:44 AM
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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
05-30-2011, 12:41 PM
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-Peter Krause
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Consultation Available Remotely and at VIRginia International Raceway
-Peter Krause
www.peterkrause.net
www.gofasternow.com
"Combining the Art and Science of Driving Fast!"
Specializing in Professional, Private Driver Performance Evaluation and Optimization
Consultation Available Remotely and at VIRginia International Raceway
05-30-2011, 12:47 PM
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OK, someone has to say it: GROUP BUY?
05-30-2011, 01:18 PM
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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.
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.
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05-31-2011, 07:05 PM
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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.)
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.)
05-31-2011, 09:01 PM
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El em ef ay oh !!!!!!!!!
05-31-2011, 09:05 PM
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Larry Herman
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Larry Herman
2016 Ford Transit Connect Titanium LWB
2018 Tesla Model 3 - Electricity can be fun!
Retired Club Racer & 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.
05-31-2011, 09:18 PM
#12
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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.)
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.)
05-31-2011, 10:05 PM
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