Wallace Gordon "Wally" Parks was born in Goltry, Oklahoma on January 23, 1913. That makes him pretty old. And still involved in hot rodding. That's pretty cool. If I was 94 years old, I think I'd sell, too.
I would love to see the NHRA back to a more sportsman oriented sport like it was in the 60s and 70s. It sounds like NHRA Pro Racing got the NHRA owned tracks as assets, but the sanctioned tracks may find a little more freedom to expand amateur events. As a non-profit, it doesn't mean they run at a loss, it's meant to encourage re-investment so the net is not a profit. I hope it happens, but if it doesn't, bring on the IHRA!
Sounds like Magna,a huge Tier 1 auto parts supplier, that poured millions into buying horse race tracks all across North America.Rich boys toys.
According to the report on the American Stock Exchange site, the new owners are former execs of Direct TV; they started the company in June, have $150 million to play with... so after the "purchase" they'll have $50 million of other people's money left before they pay themselves big $$$$ for being such wonderful, creative people. Suckers. NHRA "Pro" racing has no place to go; I hope some true believers (hey, Connie Kalitta! John Force!) pick the whole shebang up for pennies on the dollar in five years. Meanwhile, the O.G. NHRA has a hundred mil to spread the gospel -- look for some damn fine hot rod reunion shows! Oh, shit -- they didn't sell the museum, too, did they????
Exactly Dave! Hopefully this means more races and more tracks for the little guy... But 150 million ain't much... Sam.
I think that this letter from Wally Parks better explains the deal. My only concern in this deal is the fact that HD Partners appear to have a lock on the NHRA logo and its usage. There is potential for a Nextel/AT&T pissing match not unlike the one over in NASCAR. <TABLE cellSpacing=2 cellPadding=0 width="90%" border=0><TBODY><TR><TD>[FONT=Times New Roman, Times, serif]A letter from NHRA founder Wally Parks[/FONT] 5/30/2007</TD></TR><TR><TD><HR></TD></TR><TR><TD><TABLE cellSpacing=2 cellPadding=0 width="10%" align=left border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE><TABLE cellSpacing=0 cellPadding=3 width=120 align=left border=0><TBODY><TR><TD> </TD></TR></TBODY></TABLE>When NHRA was formed a half century ago, our goal was straightforward: To provide a venue for hot rod enthusiasts to pursue their irrepressible fascination with drag racing. We organized and legitimatized the activity by establishing supervised places to race and rules to be observed—an environment which enabled all enthusiasts to participate in an organized manner. In my wildest dreams I could not have imagined what would lie ahead. The sport grew and blossomed over time, but we held with unyielding tenacity to the founding principles that apply today. We now have an exceptional opportunity to do something that will open up new vistas of potential for all of drag racing. As it has been structured, NHRA could find it difficult to secure the resources essential to taking the professional side of our sport to the next level. The transaction we have announced today enables the POWERade drag racing series and all related activities to be appropriately funded for unlimited growth. Principles of the new entity have expertise, relationships and complimentary skill sets to assist Tom and the current management team at NHRA to move our sport forward. They, like us, have lofty goals and we're certain that now, together, we can achieve those goals with deftness. NHRA will continue to be the premier sanctioning authority for drag racing. Additionally, we can now focus more directly on the sportsman and amateur levels of our sport. We are clearly in our best position ever to preserve, protect and promote all facets of drag racing, from the grassroots level on up. The financial resources we are receiving in this transaction assure us a lifetime of security and growth. All elements of drag racing are winners: the POWERade series, racers, sponsors, tracks and our legions of fans. From the grassroots racers to our member tracks to Sportsman racers to our sponsors—and all elements of these divisions of participation—will benefit, including valued programs such as Youth and Education, the Junior Drag Racing League and others. I think it is rare that such a major change as this can be so beneficial to everyone involved in our sport, but I sincerely believe we've achieved that ambitious goal. </TD></TR></TBODY></TABLE>
I for one am interested to see how another group goes about bringing pro drag racing to the so-called next level. Frankly, I don't see it. I'm sure they see the potential, but I don't know what they'll do about the inherent flaws that have plagued development since the beginning. I'll bracket race any day of the week, but pro drag racing is a bore; I'm just not interested in it. Pro drag racing is no Nascar, and Nascar makes money, period.
I had heard a few years ago IHRA was going to push further west, but it never happened (at least THIS far). And the popo wonder why street racing is a problem.....
Some of you keep mentioning NHRA's "non-profit" status. You obviously don't know what the term means. Look it up. As for the sale... a pinch of NASCAR wouldn't hurt NHRA. It would mean more drag racing. Let's just hope they don't go all the way NASCAR. I agree with the WWF-NASCAR comparison. It's pretty pathetic watching the driver introduction thing, and having to sit through a three-day pre-race show. Barf! Acually I don't give a shit about any particular driver, I just like to watch good, skillful, strategic racing. I do have to say that I didn't understand NASCAR until I was on a pit crew for a couple years in the Winston West Series. Now I get it, but I still don't care about who wins.
You are obviously trying to make a point, why don't you explain to us what a non-profit is in YOUR opinion. (In my opinion), Within certain perimeters, spend all the profit before the end of the fiscal year. Other than that, steal all you can.
I really don't care who sponsers the tracks I run at. Then again I'm not into points racing. Doesn't NHRA stand for No Hot Rods Allowed anyway?
Not for profit is a "federal tax classification", with it comes a load of federal tax compliance statutes, state regulations, and NHRA is/will be likely filing for tax exempt status. Simplified, as long as NHRA as an organization is NOT designed or conceived to make a profit and doesn't have a shitload of "not substantially related" (UBIT) trade or business income it will get the exempt status. These not-for-profits file a different tax form than other corporations, they have numerous exemptions/exceptions related to the debt on property serving "the exempt purpose" and HERE IS THE BIG ONE..... do not pay taxes on royalty income from trademarks, logos or use of the name. This is an over simplified version so any other accountants save the detailed lecture for your "bored of directors" meetings.
The NHRA generates money...it also loses money...it is funded with other peoples money...it IS allowed to pay salaries, it HAS tax exemptions, if this is a "non-profit" organization...If it is still around today, and know one has figured out a way to "benefit" from it...shame on them, they are asleep at the wheel. If it sent everyone involved to begging on the street, in tattered rags, for change to buy Mad Dog 20/20, NO one would be involved in it for very long...No one works for free... I can say I work for "donations" too... or maybe I'm a cynic...but the defenses of "non-profit organizations" sound...ummm...naive, or worse: deliberate propaganda...but, I honestly don't know...all I know is three guy's sign shop conspire to make more $$$, and pay out less...the NHRA doesn't...? maybe this will turn out to be good for it, maybe not, but somehow I doubt the NHRA will be nominated for the nobel peace prize...
My above post is not intended to defend not-for-profits. I think the tax exempt status should be reserved for hospitals, charities, civic foundations etc. Too many lobbyists got favorable interpretations on federal tax regulations and here we are. Some say follow the money, I say follow the scum bag lobbyist and you'll find the money!
Eddy Hartenstein practically built DirecTV from the ground up and had his fingers in it until the day Newscorp took over. If anyone could make a dollar in this transaction, it's him. Me thinks it's a good thing.
OK, let Eddie make his dollar. What can we expect? (thought bubble comes up over my head)... crap like this: TV Guide May 2008... DRAG RACING WITH THE STARS.... May 2009: RACHEL RAY'S 30 MINUTE ENGINE SWAPS.... May 2010: 60 MINUTES -- INTERVIEW WITH CALIFORNIA GOVERNOR-ELECT JOHN FORCE
Well, folks - many have agreed that NHRA needs to change it's evil ways. Now with HDP in the mix, it may change in ways we never thought of - but the NHRA will still be around for awhile. I'm for watching and waiting to see what happens, but I'll bet ticket prices are going up next year!
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