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Thread: Skip Barber School Files for Bankruptcy

  1. #1
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    Default Skip Barber School Files for Bankruptcy

    Hopefully they will be able to work with their creditors and find a buyer.



    Skip Barber Racing School Files Chapter 11 with background and school history
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    RaceTape Ninja Force McCocken's Avatar
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    Heard about this a couple weeks ago. It's pretty ugly, I'm told from a couple guys close to the situation.
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    Force

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    Senior Member robburgoon's Avatar
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    Quote Originally Posted by Force McCocken View Post
    Heard about this a couple weeks ago. It's pretty ugly, I'm told from a couple guys close to the situation.
    Ugly how?

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    Quote Originally Posted by robburgoon View Post
    Ugly how?

    https://www.tripadvisor.com/ShowUser...alifornia.html

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    Senior Member robburgoon's Avatar
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    Yep, ugly.

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    They've been slowly driving that school into the ground for years, treating their instructors like crap, and letting their equipment degrade. Very sad to see.

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    RaceTape Ninja Force McCocken's Avatar
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    ^that. They set up fairly recently at Atlanta Motorsports Park after pretty much wearing out resources (and relationships) at Road Atlanta.
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    Force

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    I find it hard to believe someone is lining up to buy this mess! The name Skip Barber is tainted.

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    deadspin-quote-carrot-aligned-w-bgr-2

    Skip Barber Racing School owes over $10 million to creditors, including $1.2 million to Lime Rock Park, and has filed for Chapter 11 bankruptcy, according to documents provided to The Drive.

    Millions of dollars are owed in rent dues to various US tracks, but the exact figure owed to creditors is reportedly between $10 million to $50 million. From The Drive:

    The school also owes rent to several other race tracks across America, including $239,617.19 to Road Atlanta, $169,568 to California’s Monterey County (the lawful owner of Mazda Raceway Laguna Seca), $112,000 to Mid-Ohio, $105,983 to Palm Beach International Raceway, $56,623.77 to Virginia International Raceway, and $29,600 to Willow Springs, among other unsecured claims to creditors.

    The filing declares that the school possesses assets valued at roughly $5.3 million. That includes a listed $1,489,500 worth of automobiles and $1.6 million in auto parts. It also places a value of $2 million on the Skip Barber Racing School brand name and training techniques.
    Owes $10M and real market value of assets may be < $3M..

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    Senior Member bellwilliam's Avatar
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    Do you guys think it is because of track day popularity leading to declines of these schools ?

    In the 90s and early 2000s. There just aren't a lot of venue if you want to go on track or learn high performance driving. Now you have track days, Exotic Racing, Porsche experience (BMW, Vette, Ferrari all have something similar)
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    Master of Disaster SteveLevin's Avatar
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    Quote Originally Posted by bellwilliam View Post
    Do you guys think it is because of track day popularity leading to declines of these schools ?

    In the 90s and early 2000s. There just aren't a lot of venue if you want to go on track or learn high performance driving. Now you have track days, Exotic Racing, Porsche experience (BMW, Vette, Ferrari all have something similar)
    Absolutely, coupled with the general collapse of a US ladder system outside of Mazda's (admittedly fine) system.

    So you lost the rich older guys, and the rich young kids...the crumbs are sadly not a viable business model, IMO.(although if Oli wants to venture fund me 5 large to prove that theory wrong, I'm happy to try!)

    Steve
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    RaceTape Ninja Force McCocken's Avatar
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    You also have sims that are pretty reasonably priced, more data acquisition methods, etc.
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    Yer pal,
    Force

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    They rented a bunch of expensive tracks for school they couldn't fill. Then cancelled school days because they couldn't fill them. If they had reduced the number of classes and used less expensive venues they could actually afford they might have been profitable.

    Once they started cancelling events it was all down hill.

    They are done. Now they will burn a bunch of tracks they owe money to by declaring bankruptcy. Good luck trying to get those track to give you dates in the future.
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    That's a shame. These types of losses in our sport tend to leave big holes. Collateral damage with many people impacted.

    Racing has never been a sustainable economy. It's an industry that requires an ever revolving pool of participants with beyond ordinary discretionary means to continuously inject vast quantities of capital. Fortunes come and quickly go.

    It's great when you have momentum. It's hell when you fall behind. And it takes much more than you lost to gain ground.
    SteveLevin and bawareca like this.

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    skip.jpg
    from FB post I saw.... real I think..
    S1 Supermiata - 220whp
    13 Tesla, ma: no engine !!
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    03 Miata Club Sport
    96 NSX
    06 EVO MR
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    Senior Member CharleyH's Avatar
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    Wow. It looks like those have all been crashed. I'm surprised they would have that many damaged cars.

    Charley
    Last edited by CharleyH; 06-07-2017 at 06:05 AM.

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    "Only entropy comes easily."

    - Anton Chekov
    ucfbrett and Integral like this.

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    Quote Originally Posted by bellwilliam View Post
    Attachment 11011
    from FB post I saw.... real I think..

    You don't want any old Skippy cars, crashed or not, and you certainly don't want anything to do with these.

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