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looks like we are losing another place to race... IRWINDALE

Discussion in 'The Hokey Ass Message Board' started by alex1954chevy, Feb 12, 2012.

  1. Gasser1961
    Joined: Nov 25, 2008
    Posts: 1,102

    Gasser1961
    BANNED

    They said the samething about LACR.
     
  2. Rocky Famoso
    Joined: Mar 30, 2008
    Posts: 3,000

    Rocky Famoso
    BANNED

    This from the Pasadena Star-News:

    Landowner: About 20 parties interested in leasing or buying Irwindale Speedway

    Keith Lair, Staff Writer
    Posted: 02/16/2012 05:21:10 PM PST

    Bankruptcy filings by Irwindale Speedway, LLC reveal the company did not own the multi-million dollar facilities that it built near the 605 Freeway.
    Instead, landowner Nu-Way Industries Inc. of Arcadia owned the facilities, which Irwindale Speedway, LLC built in 1999 at an estimated cost of more than $15 million, and leased the property to the company.

    One of Nu-Way's general managing partners, Jim Mnoian, said Thursday that he has already been contacted by about 20 parties interested in leasing or buying the facilities.

    "My plans are to find a new operator," Mnoian said. "As soon as this gets through bankruptcy, we'll find if a new operator wants to lease it."

    "Everybody's hands are tied until the bankruptcy is done," he added.

    Mnoian said that the company's intentions for the property will be revealed next week, but he does not expect anything to happen until all bankruptcy issues are resolved.

    "I was totally surprised," he said of the track filing for Chapter 7. "That was not one of the options they were telling me."

    The track opened in 1999 with great fanfare and quickly became the short track every race-car driver wanted to tame. It held some of the most well-known NASCAR short track races in history, including the Toyota All-Star Showdown. It is where the wildly popular Japanese motorsport of drifting made its American debut. And it was the home of the USAC Turkey Night Grand Prix for midget cars, the second-longest continuously running race in the U.S.

    "There has been a lot of interest in keeping it going," Mnoian said of the track.

    Bankruptcy papers indicate that Irwindale Speedway, LLC owns the conditional use permit to operate the facility. Ken Lee, Irwindale's Community Development Director, said the permit was issued jointly to the company and the landowners. There is no expiration date to the permit.

    That means L.A. Racing Experience, which operates a racing school in the property, can continue its operations.

    Mnoian said that Nu-Way had made three option offers to sell the land to Irwindale Speedway. Each time the track decided not to accept the offer and to pay the $55,000 monthly rent instead. The company signed a 33-year lease with two five-year options in 1998.

    "They paid a lot more in rent than if they had bought it," Mnoian said.

    He said when an offer was finally accepted, the track wanted to buy it at the 1998 property rate; before improvements had been made.

    "I said, `The price has changed now,"' he recalled. "Then they came saying they were struggling and could we cut the rent to zero? I said, "No."'

    In the bankruptcy filings, the track said it had assets of $28,943 and debts of $331,773.

    Among those claims listed are a $150,000 personal injury claim filed in July 2010 by Pedro Molina Parra, $55,000 in rent to Nu-Way, $4,348 to the City of Irwindale for ticket taxes, $8,094 to the city's police department, $11.449 to VP Racing Fuels, $16,380 to Golden State Water, $12,239 to ThyssenKrupp Elevator and $7,015 to USAC.

    The track had $4.96 million in gross profits in 2010 and $4.36 million last year.

    Jim Williams owned 64.3 percent of Irwindale Speedway LLC and was the CEO. His company, J. Williams Cars, paid $20,000 to the L.A., law firm of Manatt, Phelps & Phillips LLC to pay for the bankruptcy.

    Track general manager Bob DeFazio did not return repeated phone calls and Williams was unavailable for comment.

    Seven parties are listed as shareholders with more than 5 percent interest in the LLC.

    The track's trademark, Irwindale Speedway has lapsed, but it had been known as Toyota Speedway at Irwindale until recently, when the Southern California Toyota Dealers Association ended a four-year namings right contract. However, several of the track's web site names will not expire for another four years.

    A court hearing for creditors has been scheduled for March 20.

    ...
     
  3. 33hotrod
    Joined: Apr 21, 2007
    Posts: 103

    33hotrod
    Member

    That would be great to keep it going!!!
     
  4. Rocky Famoso
    Joined: Mar 30, 2008
    Posts: 3,000

    Rocky Famoso
    BANNED

  5. jangleguy
    Joined: Dec 26, 2004
    Posts: 2,668

    jangleguy
    Member

    Been following this, as our local track (Champion Raceway) is now in limbo, also waiting for convoluted legal issues to be resolved. A group of us local racers were interested to hopefully buy Irwindale's equipment, since ours is all gone now (long ugly story). Meanwhile, all we can do is the legwork in front of us and not give up.

    While all of this is unfolding, more and more high speed crashes are happening on local streets. There's a real need for a safe and legal place to blow off steam here. I assume the situation is not much different down there. Is that accurate?
    Scotty
     
  6. 56sedandelivery
    Joined: Nov 21, 2006
    Posts: 6,695

    56sedandelivery
    Member Emeritus


    There's now a posting on The BremertonRaceway.Com site that's says a 5 year lease has been signed, giving them at least until 2016. That's some, good news. Butch/56sedandelivery.
     
  7. PunkAssGearhead88
    Joined: Jul 9, 2006
    Posts: 1,788

    PunkAssGearhead88
    Member
    from So Cal

  8. PunkAssGearhead88
    Joined: Jul 9, 2006
    Posts: 1,788

    PunkAssGearhead88
    Member
    from So Cal

  9. PunkAssGearhead88
    Joined: Jul 9, 2006
    Posts: 1,788

    PunkAssGearhead88
    Member
    from So Cal

  10. Gasser1961
    Joined: Nov 25, 2008
    Posts: 1,102

    Gasser1961
    BANNED

    Too bad you need mufflers to run there.
     
  11. PunkAssGearhead88
    Joined: Jul 9, 2006
    Posts: 1,788

    PunkAssGearhead88
    Member
    from So Cal

    It really depends how many decibels you're putting out... I've gotten away with running cut-outs... Besides I'm just happy to have any kind of track back.
     
  12. Gasser1961
    Joined: Nov 25, 2008
    Posts: 1,102

    Gasser1961
    BANNED

    Very good point.
     
  13. Carnuba
    Joined: Mar 19, 2012
    Posts: 430

    Carnuba
    BANNED

    As`far as Mooneyes X-Mas Party.....the folks @ Moon told me the owner of the property invited them to keep it there @ Irwindale
     

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