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Grim Details MIR
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ncrdbl1 Offline
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Grim Details MIR
Nothing has been finalized but here are the tentative details.

IRG Sports and Entertainment the owner of Memphis International Raceway has been in negotiation to sell off property.

Last fall they reached a tentative agreement to sell off Palm Beach International Raceway their home facilities.

There was a concern then that Memphis International Raceway would soon be on the block.

This week we got the details of what is going on.

A group headed by the management of MIR presented a bid of $3 million for the complex and it was the highest of the initial bids.

But it was decided earlier this year to reopen bids and another party offered a bid of $13.5 million.

There is a tentative agreement in place to sell with the closing date being July 1st.

So the track has a tentative closing date of May 28th.

There are still a lot of details to complete including a zoning change for the property.

If somehow the zoning change is not OKed then the deal could fall through.

Also, the local management is trying to get other investors to try and present another bid close enough that IRG would accept it and allow the property to remain as a motorsports facility.
(This post was last modified: 03-30-2022 02:17 PM by ncrdbl1.)
03-30-2022 02:11 PM
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