Gateway International Raceway Officially Closed

C

Chad-Daddy

Member
From The Associated Press:

DOVER, Del. -- The owner of Gateway International Raceway in Madison says it will cease all operations at the track.
Dover Motorsports Inc. said in a release Wednesday that the track could no longer be operated with "an acceptable return."
The company previously announced that it would not seek to run any NASCAR Series events at the facility in 2011. The track ran its final NASCAR Nationwide Series event on Oct. 23, 2010.
The majority of the track is leased from third parties. The company owns approximately 150 acres of the facility and has been in discussions with several interested purchasers.
 
I had spoke to an employee after the Nationwide race a few weeks ago; this employee said that the track would not close completely because the drag strip was still making money.

It seems that my source was wrong.
 
Be real cool to see someone buy it and turn it into another Eldora. That would be the perfict place for a track like that not to say all the room you would need. Heck everything is right there just cut down the track and move the stands all the way around the track. Little Bristol Eldora style right here in St. Louis. Be cool to see Tri-City / I55 / Belleville go together and buy the place together and own the racing in the Midwest, then run a Fri. and Sat. show every weekend for points and no one would haft to worry about the cranky nabors saying we are racing to late. don't you think it would be cool to see Eldora style racing right here at home?
Keep the Drag strip for local racers on Sunday and maybe add a dirt and Assfault kart tracks. A full service racing place right here at home for eveyone. Just a thought but it would be cool.
 
that sounds great.but what track around here would you chose to shut down.thats bound to happen if that track is a succes.just asking.
 
Leslie I don't want to see any track shut down thats why I threw out the Idea of all 3 owners going into partenership. (I know it will never happen) It was just a thought. You know sometimes someone might just come up with an idea that sounds stupid like mine but in the long run of the sport might be a smart one. Who knows just thinking out loud. Heres my thinking....Years past St. Charles closed due to there reasons, the one out hwy, 70 closed for there reasons, Gateway for there reasons, Mid America for there reasons, and who knows the truth of BC but my point was 3 tracks this close to gether is not working and with the groth of citys around tracks I'm guessing it's just a matter of time before more close in years to come and we all haft to drive farther to go racing or just give it up. not to say differnt rules at almost every track one go's to it might just be the answer. Now finding an investor to do it? Not going to happen thats why it was just a thought. Hope this helps. No disrespect to any track it's just it's always out there about some track closing somewhere.
 
How about the drag strip stays open, I raced there the last day, If they could get that car count every day open they would not be closing it.
 
MY personal take on the closing of GIR is that the Corporate entity (Dover) is in financial trouble and under strain from stockholders and needs to get back to their core business. I don't know that they would find any return on investment 'acceptable' at GIR. The track lost money on their NASCAR races but made money in other efforts so they know "how to make money". They just don't want to own the facility anymore.
 
The biggest problem is the bonds of 15 to 16 million became due as well as a rather large tax bill!
 
I don't know legal stuff but shouldnt the people that took out the bonds ba accountable to repay them. I'm just asking this because I don't know that stuff. I would think the bank or the town, who ever has intrest in the place would want to see some kind of tax revenue coming in other than 1-800- board up? I also heard no one wants to but it because of the bonds owed. Just thought the past owners (Dover) should be accountable for there losses not pass them on to the town they just walked out on. Heck if I walk out on my bills the collector comes looking for me to pay not someone else. ??????
 
A new owner would assume the bond debt as well as the taxes, these will stay with the property. The other possibility is the company holding the bonds will take over ownership of the track, like a foreclosure and then sell or auction the land themselves. The bonds we're taken out by the original owner/builder Chris Pook & Dover assumed the debt with the purchase.
 
It sounds to me like it would just be a waiting game for whomever would want to buy the place. Wait for the bondholder/bank to take it back, then buy it from auction, possibly at a dramatically reduced price. Would it not be be free and clear then? I wouldnt give up and start plowing the place under just yet.
 
Same thing happened at Memphis Motorsports Park, went on the auction block today. Auction scheduled for Dec. 14th.
 
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