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Thread: Law Suit over Miller Sports Park Sale

  1. #1
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    Default Law Suit over Miller Sports Park Sale

    This article is bound to generate ill-informed opinions - especially because the purchaser is a Chinese firm.

    Given the lack of specific requirements for future investment, the difference between this sale price and the highest bid could, indeed, be deemed to be a "gift of public funds". On the other hand, the newspaper probably should have mentioned that Mitme is a subsidiary of Geely motors, who - by most accounts - has done a good job with their acquisition of Volvo. Also, of course, there is also no mention of the "terms" of the sale. How much "hard money" did the respective offers provide? What were the interest rates of the amortized balances, and what was the quality of the collateral in the various offers (foreclosure only, foreclosure and a rated letter of credit, etc.).

    Oh, and how about the amount of public access in the respective offers? This should be a key consideration.

    Anyway:

    Company files suit challenging Miller Motorsports Park sale to Chinese company | The Salt Lake Tribune
    Last edited by Loose Caboose; 10-16-2015 at 05:05 PM.

  2. #2
    Senior Member fatbillybob's Avatar
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    Racing in the US seems to be dying. Young kids don't even learn to drive until forced to by age 18-20's necessity. Rumor is the Chinese want to buy F1 too. If the Chinese are passionate about racing maybe they will figure out how to invigorate the sport. I see lots of old faces racing with SCCA. Where will the young blood come from?



    Look at the premier new track CoTA. They are near bankruptcy. Look at Laguna Seca the nascar group pulled out of management talks with the county as intractable. Maybe a fresh Chinese look at how to make tracks and racing profitable, fun, and successful is the way to go.
    Last edited by fatbillybob; 10-17-2015 at 08:04 AM.

  3. #3
    likes to left foot brake. passmenow's Avatar
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    Racers I know near Miller are thrilled with the new owners.
    There are plans for another 10 million to be invested in the track.
    A complete lighted flag system is in the works.
    A hotel and on site college for the Chinese students.
    Although I'm not really sure what will be the track related class subjects?
    Race track management and maintenance, how to run races and track days?

    Since this will be their premier track for new students the track is expected to be kept in great shape too.
    No changes expected to the independent race shops that are located at the race track.

    You can race for $350 a weekend with NASA at Miller.
    For Coto I see $1,300 entry fees for 3 or 4 day events.

    I'd rather race in a 40 car fields at Miller than with over 60 car fields at Cota.
    Cota with its larger run groups creates a bigger chance for yellow flags within 2 laps of the start and ruined races/sessions.
    Last edited by passmenow; 10-17-2015 at 04:21 PM.
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  4. #4
    Sir flink
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    I hafta say, I went

    when I read all the things which Mitime said they were going to do to and around the track. I suspect they were blowing smoke to sweeten the deal and get a lower price.

    But boy it's good that companies are fighting over the place! I really really like Miller. Need to get back there next year. I'd have gone this year but the BMWCCA race was the weekend after NASA West Coast nationals
    Last edited by flink; 10-17-2015 at 05:30 PM.

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