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Moroso Investment Partners closes on Memphis Motorsports Park facility

Wednesday, February 16, 2011

MIR_LogoMoroso Investment Partners, the ownership group of Palm Beach International Raceway, has closed the transaction on purchasing the Memphis Motorsports Park track property from Dover Motorsports Inc. for  2.062 million dollars. Moroso Investment Partners was the high bidder at an auction held on December 14.  The purchase includes all 342+ acres, including the ¼ mile drag strip, the ¾ mile paved oval and the road course.  All equipment, furniture and fixtures were sold separately at the auction.

The group, led by Michael Dezer of Team Dezer Racing and Joseph Lubeck, managing partners, and Jason Rittenberry, President & CEO hopes to have the facility reopen for the racing season in April of 2011. Pam Kendrick has been named the new Vice President and General Manger of the facility.  She previously was the Senior Director of Administration and Finance of the facility under Dover Motorsports ownership. Chris Sowell has been named Facilities Manager. The remaining management team and staff will be named in the coming weeks.

The new staff will work to bring back some of the major events the facility has hosted in the past, as well as operate the successful weekly events and series that were a staple at the facility for many years.

“It’s great that our investor group stepped in and decided to purchase the Memphis facility,” said Jason Rittenberry, President & CEO of Palm Beach International Raceway. “We know that there’s a lot of work that needs to go into renovations, but I’m confident that it can be done and the facility will reopen in time for the 2011 season. We’ve got the right management team in place to re-establish the facility in the racing industry.”

Rittenberry previously spent 10 years with Dover Motorsports, Inc. as Vice President & General Manager of Memphis Motorsports Park before coming to lead the team at Palm Beach International Raceway.

The Memphis facility will reopen sanctioned as an IHRA facility, with Summit Super Series bracket racing and weekly test and tune sessions. The staff is working diligently to book national and regional events for the 2011 season and is in negotiations with several sanctioning bodies. A Nitro Jam event has been secured and a date will be announced in the coming weeks. In addition to the drag racing events, the facility will host an Outlaw Monster Truck Spectacular event in September.

“I’m incredibly excited to add Memphis Motorsports Park as an IHRA facility,” said IHRA President Aaron Polburn. “Obviously we’ve had great success with this same group at Palm Beach International Raceway. Memphis is a great market and I can’t wait to get the ball rolling and start getting IHRA events at the facility.”

Additional event dates will be announced in the coming weeks. Check out the track’s new website at www.racemir.com for updates and further information.

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