Historic Nascar Speedway Sold to Andy Hillenburg for $4m
03/10/2007 |
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Race-school owner Andy Hillenburg paid $4.4 million for North Carolina Speedway at an auction today and vowed to bring racing back to the former Nascar track known as "the Rock.''
The 44-year-old Hillenburg, who raced in the Nascar and Indy Racing League circuits, was one of nine bidders and about 60 spectators who gathered at the Rockingham, North Carolina, track, some 75 miles (121 kilometers) east of Charlotte, for the sale.
His winning offer was $95.6 million less than Speedway Motorsports Inc. paid for the track three years ago as part of a deal to move its last race in Nascar's top series to the company's Texas track.
"I will make a promise that within 13 months there will be a race here,'' Hillenburg said. The Indianapolis native declined to say what series would run at the speedway, which has been used by teams for testing and as a movie set since its last race in February 2004.
The track was assessed for taxes at $30 million. Speedway Motorsports Chief Executive Officer O. Bruton Smith predicted earlier this year that it would sell for between $1 million and $4 million.
"We would have liked to have gotten more,'' Speedway Motorsports Vice President Jerry Gappens said in an interview. "The tax assessor was way off with his numbers.''
The track, which has been maintained by Charlotte-based Speedway Motorsports since it was closed, is "as nice as at least five'' tracks that hold Nascar Nextel Cup races, Gappens said.
'Good Day For Rockingham'
"This is a good day for Rockingham,'' said Gene McLaurin, mayor of the city of about 10,000 people. "Andy Hillenburg is experienced in racing and well-respected in the industry.''
Auctioneer Eddie Haynes of National Auction Group, which had been hired to conduct the sale, stopped the bidding for about 10 minutes when it stalled at $4 million to give phone bidders a chance to consult with their representatives. When the auction resumed, no higher bids were tendered. The $4.4 million paid by Hillenburg included the buyer's fee.
"We got a happy buyer and a happy seller,'' said William Bone, president of Gadsen, Alabama-based National Auction.
Hillenburg operates the Fast Track High Performance Driving School in Harrisburg, North Carolina. He finished 28th in the 2000 Indianapolis 500 and has 16 starts in the Winston Cup Series, the forerunner of the Nextel Cup.
(Source: Bloomberg.com)
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