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Notch1320

BerserkoBob
Nitro Member
Heard yesterday that the NHRA is looking into filing Chapter 11 bankruptcy as they're hemorrhaging money big time. If I was the Czar of NHRA I'd cancel the remainder of the season until this Covid crap is over.
 

z28

Nitro Member
things aren't looking to good in Indy. The Covid numbers are going up. We may have seen the last race for the year
 

Jimbo

Nitro Member
I think it's called the Perfect Strom!
First, cancel any more events for the year and then like or not it's time to let some people go and slam the brakes on spending.
They have to get their business affairs in order before any more drag racing can continue.

The hardest part of running any business is regaining control.

Jim Hill
 

Paul

Staff member
Nitro Member
things aren't looking to good in Indy. The Covid numbers are going up. We may have seen the last race for the year
The positivity rate is still below 10% (7.9%), which is what the CDC measures to issue restrictions. If you're testing more the cases are going to go up, which is why the positivity rate is important. Look at Illinios, yesterday was the highest number of cases since May, but but the positivity rate was only 4% because they are testing a lot more.
 

FABMAN

Nitro Member
I would them to check the many people at HPT to see if there was a change. That would be only way to see if restrictions are actually working
 

ironpony

Nitro Member
It is in all of our best interests that NHRA remain solvent and viable. I am hoping the board of directors will forego their pay as a means of keeping valuable staffers employed.

LOL, they are figuring out how big of a bonus to give themselves before filing fo bankruptcy. Happens everyday.
Briggs and Stratton executives all got multi million dollar bonuses the day before filing for bankruptcy.
 

Jack

Nitro Member
If your curious there are some NHRA financial statements on line. The latest one I could find was from 2017. I tried to link it to this post but was not able to do it with my tablet. 2017 had 98 million in income and 20 million in salarys and other details werelisted. Pechaos someone else could link it. I googled "NHR A financial statements" and it came right up.
Rys
 

Pete

Nitro Member
If your curious there are some NHRA financial statements on line. The latest one I could find was from 2017. I tried to link it to this post but was not able to do it with my tablet. 2017 had 98 million in income and 20 million in salarys and other details werelisted. Pechaos someone else could link it. I googled "NHR A financial statements" and it came right up.
Rys
NHRA is a not for profit organization, so at the end of the year a significant percentage of the income has to be spent, thus the executives get a significant bonus each year.
 

steve

Nitro Member
NHRA is a not for profit organization, so at the end of the year a significant percentage of the income has to be spent, thus the executives get a significant bonus each year.
I have no idea of what country's tax code you are referring to, but to my knowledge that is 100% false. They may get bonuses, but it is not because a significant percentage of the income has to be spent. You do have to file a 990 on how much you did spend, what category you spent it on and outline significant expenditures.
 

z28

Nitro Member
NHRA almost sold the rights to the pro categories a few years ago. It could happen again
 
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