MIRlogorRacingRocks

MIR MASTERS OF THE PROS WEB HEADER
 
    Classifieds

PressReleases

Memphis Motorsports Park sold, new owner plans up to $2 million in improvements

Wednesday, February 16, 2011

Dover Motorsports Inc. has approved the sale of its Memphis racetrack to Moroso Investment Partners, a Florida investment group.

The final deal, which includes 342 acres, a drag strip, a road course and an oval racing track, will total $2.06 million after a 10 percent auction buyer's premium.

The closing is scheduled to take place within 30 days.

"We're happy to see it move into the hands of someone who is going to operate it for the fans down there," Dover CEO Denis McGlynn said Wednesday.

"It's a happy end for a story for everybody down in Memphis, and I wish them the best of luck."

Dover previously had Memphis Motorsports Park listed with Colliers International, a commercial real estate firm, for $6 million.

Jason Rittenberry, the former CEO of Memphis Motorsport Park and current CEO of Moroso-owned Palm Beach International Raceway, said the Memphis racetrack will need $1.5 million-$2 million in capital improvements to get it ready to host major events.

"Yes, I feel like we got a good deal on the land, but it's not the steal everyone thinks we got," Rittenberry said, noting that equipment, furniture and fixtures were sold off separately at Tuesday's auction.

Negotiations for the facility between Moroso and Dover been have under way for the last six months, Rittenberry said, but the parties were unable to agree.

A previous offer, he said, was significantly more than Tuesday's winning bid. But that offer included all of the facility's assets, including trucks, tractors and food equipment, which Moroso will now have to buy.

Rittenberry said he spent $30,000 on such items at Tuesday's auction, but the facility will need much more.

He said he hopes to announce several national International Hot Rod Association drag-racing events in the coming days or weeks.

"Obviously we've had great success with this same group at Palm Beach International Raceway," said IHRA president Aaron Polburn.

"Memphis is a great market, and I can't wait to get the ball rolling and start getting IHRA events at the facility."

Moroso will host an Outlaw Monster Truck Spectacular event at MMP on Sept. 17.

Moroso is in talks with several sanctioning bodies that want to race on the facility's three-quarter-mile oval track, but Rittenberry said nothing is firm for the course in 2011.

It also remains to be seen whether any NASCAR-sanctioned event will return to Memphis.

"We'll have conversations with them, but I'm not sure yet about the viability of bringing NASCAR back to Memphis at this point," Rittenberry said. "I can't guarantee today what the future of NASCAR in Memphis will hold."

Read 4078 times

MIRUpcomingEvents

Moore Tech Test-N-Tune
Test N Tune
Thursday, June 27th
Midnight Madness with Drifting
Drag Strip
Friday, June 28th - Friday, June 28th
Summit Racing Equipment Bracket Series presented by COMP Cams / 6.0 & 7.0 Index
Bracket Racing
Saturday, June 29th - Saturday, June 29th
5th Annual Track Mania
Drag Strip
Sunday, June 30th
SCCA Tracknight in America
Road Course
Tuesday, July 9th
Moore Tech Test-N-Tune
Test N Tune
Thursday, July 11th
Street Warriorz: Grind City Showdown III
Drag Strip
Friday, July 12th
Summit Racing Equipment Bracket Series presented by COMP Cams/ SS Stock Combo
Bracket Racing
Saturday, July 13th - Saturday, July 13th
JEGS/ CRA Masters of the Pro's 125
Oval
Saturday, July 20th - Sunday, July 21st
Donkfest Family Reunion
Drag Strip
Saturday, July 20th
HOME   SCHEDULE AND TICKETS NEWS TRACKS & EVENTS MARKETING & SPONSORSHIP   
FAQ'S
 
 
 
 
 
 
 
   

 

 
         
MEMPHIS INTERNATIONAL RACEWAY

5500 Victory Lane
whitebar 901-WOW-RACE
Millington, TN 38053 RACEMIR.com
 ©2019 Memphis International Raceway. All Rights Reserved

An-IRG-company-white-text