Real Estate Developer Appears to be Leading the Race for Cleveland Speedway

[Returning to Dirt]

Nothing is final, but it seems as if a real estate developer has the high bid.

http://insidedirtracing.com/real-estate-developer-appears-to-be-leading-the-race-for-cleveland-speedway/

[crownman25]

The trustee and this developer have had this in the works for a while now according to court documents filed...as far back as may the offer was made to the trustee...

[crownman25]

the trustee gets 15 percent of the sale of Cleveland speedway...

[Returning to Dirt]

Hmmm... Maybe the delay from last week was to make that 15% more valuable.

[crownman25]

you got it returning to dirt. we need to start a petition to have this investigated,They are several other questions about his actions and behavior that needs to be looked into on some diff cases that he has been over...

[shopteacher]

Even if there is some shady business going on with the price and land value that is being floated I can't see anyone buying the place for a race track. It would take quite a while to earn back a $1.1M intial investment plus any upgrades and repairs the facility may currently need. Apparently the last two seasons were not profitable, at least based on the fact that the trustee allowed two years to try and see if the track could pay it's own debt. At this point I believe it would take someone willing to buy in now and plan on a 15-20 year turn around on their investment and I don't know how many people like that remain in the racing business. It's a sad time for Cleveland Speedway, I absolutely love that race track. Did the McDowell-Cook driving school there one year and raced there before and really enjoyed it. It's been a staple of the SAS schedule as well but I don't know if it can bounce back this time. I think Cleveland Speedway may have died with Joe Lee.

[Returning to Dirt]

I believe the above post is correct if the $1.1 million price is accurate. I heard an interesting story last night about the possibility of some trickery that could be afoot, but we should know for sure shortly.

[Returning to Dirt]

The bankruptcy hearing for the Cleveland Speedway originally set for today has been continued until January 9, 2014. The wait continues.

[DRIVETHEDIRT]

I wonder how much the EPA is going to charge the developers to clean up 50 plus years of waste products left in the soil to make it usable?

[oberg8]

Been pondering the EPA thing myself. If it does sell to the developer a call to the EPA should be made and that question asked. Make them get there moneys worth.

[crownman25]

that trustee needs to be removed from his position...I know some stories about him that you wouldn't believe ...

[crownman25]

he did some pretty rotten things to a guy all you know very,very well that had to have his leg taken off from diabetes. he couldn't work lost everything and them some when buddy boy got through with him...

[Returning to Dirt]

The multiple delays could be both good and bad for Cleveland.

On the good side, it seems as if the real estate developer is either getting cold feet or doesn't truly exist, which means the speedway could remain as a track.

On the negative side, the longer this delay goes on, the more potential drivers the track could have dwindles as folks get cars ready for 2014. They may start building their stuff to fit with rules for the new I-75 or some other track they know for sure will be open. Potentially, the track could remain but be in worse financial shape due to lack of competitors.

[acetone]

well, I was there every Saturday night. decent crowd each night, as the season went on, the crowds were larger. always a butt load of people in pits. tell us the stories cm25, we would like to hear them. if it is sold to a land developer, I will call the epa