Say it ain't so - PPIR to be sold and closed
09-30-2005, 09:05 AM
#1
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Say it ain't so - PPIR to be sold and closed
FOUNTAIN, Colo. • September 30, 2005 • Pikes Peak International Raceway ("PPIR") today announced that it has entered into an agreement to sell its assets to Rocky Mountain Speedway Corporation, a wholly-owned subsidiary of International Speedway Corporation ("ISC"). Closing of the transaction is expected within the next week, and financial terms were not disclosed.
ISC will honor all of PPIR's currently scheduled community uses and rentals through October 31, 2005. After that date, ISC expects to close the facility and begin to market the approximate 1,200-acre parcel for sale. ISC plans to petition NASCAR to realign PPIR‼sup>TM</sup>s NASCAR Busch Series event to Martinsville Speedway for 2006. In addition, ISC intends to relocate certain PPIR fixed assets to other racing venues in its portfolio. These assets include grandstand seating, furniture and other equipment and structures that can be utilized for future ISC expansion projects.
While our time in the world of racing is coming to an end, I am very proud of the positive impact we made on motorsports in Colorado and for the economic impact we have made on the local economy,” said PPIR President Rob Johnson. I have worked with a group of the most dedicated people I've ever met and will always have fond memories of my experiences at PPIR.”
PPIRs 16 permanent employees will be given severance packages and a handful will assist in closing the facility. In its nine years of existence, PPIR hosted NASCAR, IRL, AMA, SCCA, USAC and IMSA-sanctioned events. The track also blended motorsports with live music and entertainment, with appearances by Martina McBride, Tracy Lawrence, Jeff Foxworthy, Robbie Knievel, Hootie and the Blowfish and Big Head Todd and the Monsters. In addition, the track also hosted numerous public and private driving schools and racing clubs.
Rob Johnson, President of PPIR, will host a briefing and conference call today with the media at 12:00 p.m. Mountain Time at PPIR. The briefing will take place in the infield media center at PPIR. To participate by conference call, dial 1-800-371-8200 five to ten minutes prior to the scheduled start time. The access code is 853617.
ISC will honor all of PPIR's currently scheduled community uses and rentals through October 31, 2005. After that date, ISC expects to close the facility and begin to market the approximate 1,200-acre parcel for sale. ISC plans to petition NASCAR to realign PPIR‼sup>TM</sup>s NASCAR Busch Series event to Martinsville Speedway for 2006. In addition, ISC intends to relocate certain PPIR fixed assets to other racing venues in its portfolio. These assets include grandstand seating, furniture and other equipment and structures that can be utilized for future ISC expansion projects.
While our time in the world of racing is coming to an end, I am very proud of the positive impact we made on motorsports in Colorado and for the economic impact we have made on the local economy,” said PPIR President Rob Johnson. I have worked with a group of the most dedicated people I've ever met and will always have fond memories of my experiences at PPIR.”
PPIRs 16 permanent employees will be given severance packages and a handful will assist in closing the facility. In its nine years of existence, PPIR hosted NASCAR, IRL, AMA, SCCA, USAC and IMSA-sanctioned events. The track also blended motorsports with live music and entertainment, with appearances by Martina McBride, Tracy Lawrence, Jeff Foxworthy, Robbie Knievel, Hootie and the Blowfish and Big Head Todd and the Monsters. In addition, the track also hosted numerous public and private driving schools and racing clubs.
Rob Johnson, President of PPIR, will host a briefing and conference call today with the media at 12:00 p.m. Mountain Time at PPIR. The briefing will take place in the infield media center at PPIR. To participate by conference call, dial 1-800-371-8200 five to ten minutes prior to the scheduled start time. The access code is 853617.
09-30-2005, 09:40 AM
#3
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wow.....
that really pisses me off... I remember when there was no PPIR, and it was just another boring part of south El Paso county..
I hope it stays, but that looks to be a longshot..
I hope it stays, but that looks to be a longshot..
09-30-2005, 09:43 AM
#4
It could be for the better,
There's speculation this was done to have a track built closer to Denver. With PPIR in the mix, there's not enough justification to build another large race track.
09-30-2005, 11:29 AM
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9News link
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09-30-2005, 11:46 AM
#8
Yea, you guys suck! The lack of an oval
may be what killed the idea here. Land is becoming scarce for this kind of stuff on the front range, we're constantly battling new developements that complain about noise and other things. There's a bunch of people trying to get a new track built. Ideally we need a big venue here, by the airport that can support road racing, oval and drag racing. Our local drag strip Bandimere is under pressure to expand its grounds from the top fuel guys. They've threatend not to come back because of the lack of space before. They're also under constant watch of the noise ****'s.