Jupiter, Fla. (December 15, 2010) - Moroso Investment Partners, the ownership group of Palm Beach International Raceway, was the high bidder in an auction held yesterday. The group’s bid of $1.875 million was the highest among the bidders vying for the property. The high bid is for all 342+ acres, including the ¼ mile drag strip, the ¾ mile paved oval, and the road course. All equipment, furniture and fixtures were sold separately at the auction. The closing is scheduled to take place within thirty days.
The group hopes to have the facility reopen for the racing season in April of 2011. Staffing the facility will begin immediately after the closing takes place and some of the experienced team members that were previously at Memphis Motorsports Park will likely return to the management team. The staff will work to bring back some of the major events the facility has hosted in the past.
“It’s great that our investor group stepped in and decided to bid on the Memphis facility,” said Jason Rittenberry, President & CEO of Palm Beach International Raceway. “We know that there’s a lot of work that needs to go into renovations, but I’m confident that it can be done and the facility will reopen in time for the 2011 season once the closing takes place. We’ll get the right people in place and re-establish the facility in the racing industry.”
Rittenberry previously spent10 years with Dover Motorsports, Inc. as Vice President & General Manager of Memphis Motorsports Park before coming to lead the team at Palm Beach International Raceway.
Staffing and event dates will be announced in the coming weeks once the closing is finalized.
