So who did buy the IHRA? (13 Viewers)

[CS]

It appears that the rumor that Richard Freeman offered to buy IHRA has fallen through but it has unofficially allegedly been sold and everyone owed money will be stiffed, does anyone know who did buy it?

 

[GumbyWVU]

Will be interesting to see, there are assets there to be had. Let's hope that someone with drag racing interests buys those.

 

[z28]

Will be interesting to see, there are assets there to be had. Let's hope that someone with drag racing interests buys those.

I would bet none of the properties went with the sale if indeed it was sold

 

[Jim]

I would bet none of the properties went with the sale if indeed it was sold

Does IHRA still own any of its "purchased" properties?

 

[Dennis]

Does IHRA still own any of its "purchased" properties?

Each one is its own LLC. So yes they "own" them but they are also individual entities.

Also interesting, in addition to Frank Hawley's, Cuttell owns Larry Morgan Racing Engines LLC.

 

[GumbyWVU]

Each one is its own LLC. So yes they "own" them but they are also individual entities.

Also interesting, in addition to Frank Hawley's, Cuttell owns Larry Morgan Racing Engines LLC.

Wow, didn't know that about Larry Morgan's company. Or maybe I did read it on here and forgot in all the fog surrounding events the past few months.

 

[GumbyWVU]

I would bet none of the properties went with the sale if indeed it was sold

I had forgotten but if they were land contracts for some you could be correct.

 

[Jim]

Each one is its own LLC. So yes they "own" them but they are also individual entities.

Also interesting, in addition to Frank Hawley's, Cuttell owns Larry Morgan Racing Engines LLC.

Were they ever paid off, or does the lack of payment send each entity back to the seller or to a creditor?

The other possibility is that they are all forced into closure or sold to satisfy the debt.

 

[Funnycarfanatic]

At this point whoever bought may just be an asset dump. Spin off assets to make even more

 

[Ponyhntr]

I’m not convinced that anyone bought the series yet (or ever will).

 

[Paul]

I pray Maple Grove somehow survives this. I have had a lot of great memories at that place and the fans are some of the best.

 

[GumbyWVU]

I’m not convinced that anyone bought the series yet (or ever will).

Maybe down the road, when the smoke clears, much as employees of a company can buy shares in their company, perhaps a collective group of racers and team owners could buy what remains of IHRA and make it a true racer-owned body?

 

[GumbyWVU]

I pray Maple Grove somehow survives this. I have had a lot of great memories at that place and the fans are some of the best.

Beautiful venue for sure.

 

[Jim]

I pray Maple Grove somehow survives this. I have had a lot of great memories at that place and the fans are some of the best.

I spent a lot of time in the Maple Grove tower from 2001 through 2019.

 

[none]

If the price is $500 million, that would have to include the properties. There can't be near that much in assets not counting the properties.

Alan

 

[Chili]

Scott Wodruff made it sound like Columbus would likely become houses.

 

[Jim]

Scott Wodruff made it sound like Columbus would likely become houses.

A former general manager at Maple Grove told me that when the value of the land is worth more than the value of the drag strip operation, it is difficult to sell it as an ongoing business.

 

[none]

Not arguing Jim, but there is a lot of land in the MG parcel that is not part of the drag strip property. It's kind of like Topeka, the racetrack only occupies a fraction of the property.

Alan

 

[GumbyWVU]

Not arguing Jim, but there is a lot of land in the MG parcel that is not part of the drag strip property. It's kind of like Topeka, the racetrack only occupies a fraction of the property.

Alan

Right, I think there's a campground and park as well, so I was once told.

 

[GumbyWVU]

I spent a lot of time in the Maple Grove tower from 2001 through 2019.

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Man you look like my buddy Dan Poling, former WV House member.

And yes, he's still alive, despite my faux pas in another post!