If there is to be racing at Badlands Motor Speedway in 2017, it will have to take place under new ownership. The 80-acre facility, formerly known as Huset’s Speedway is now on the market after a statement was released on its web site today.
According to the statement Badlands Speedway declared track owner Chuck Brennan is seeking to sell the 80-acre facility which has undergone major recent renovations due to a ballot initiative.
The statement explains:
“The reason for this dramatic move has nothing to do with Chuck Brennan’s love for this facility, racing, drivers and fans.
On November 8th, 2016, the voters in South Dakota overwhelmingly passed a ballot initiative to eliminate licensed short term lending from the state. Well, that is what we do and our flagship business in South Dakota, Dollar Loan Center, was given only 5 days as a result of the ballot initiative by the State of South Dakota to comply with this change of law. This move by the voters has left hundreds without jobs and tens of thousands without a safe and alternative financial option.
Mr. Brennan has invested and donated well over $100,000,000 in his home state of South Dakota and most of that investment within a mile of where he grew up at 8th Street and Covell Avenue in Sioux Falls.
Because of these recent events, Mr. Brennan is reevaluating his economic presence in South Dakota and will be selling several of his many properties and businesses in the State and diverting that business to the other markets that he currently operates in”
The asking price for the facility including the business, land, facility, vehicles, furnishings and everything needed to be race ready is $9,750,000 as one lump sum payment. There is also an option of putting a $6,000,000 down payment and BMS financing a remaining $6,000,000 to be paid over a 6 year period at $1M per year for a grand total of $12,000,000.
Because of the move there will be no banquet for the track’s racing program this season. However, point funds and prizes will be available immediately as staff will contact and make arrangements with the race teams. The statement concludes by saying that if a new owner is not found there will be no racing in 2017, but that they do plan to keep the facility maintained for a smooth transition after a sale.
For the full statement visit: www.badlandsmotorspeedway.com/notice.html
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