http://www.bangshift.com/blog/Breaking-News-Closed-Bids-Filed-for-the-Purchase-of-Toronto-Motorsports-Part.htmlThe months long rumors and debate regarding the sale of Toronto Motorsports Park were apparently true as BangShift has learned that closed bids were handed in for the purchase of the 375 acre Canadian facility yesterday afternoon. Since roughly October, track president Uli Bieri has denied that the facility was for sale, despite the fact that newspaper ads from the Canadian real estate firm of DTZ Barnicke have been adversiting the property.
TMP has both a quarter mile drag strip and a road course. The drag strip was under IHRA sanction for several years until issues with the quality of the pit area of the track came up and IHRA essentially refused to return until they were fixed. The track left the IHRA sanction and is currently sanctioned by the NHRA. The racing surface itself is very good and is fully capable of handling the heaviest drag racing hitters in the world.The inside of the tower is one of the most ornate drag racing control buildings we have ever been in with marble counters and other touches that blew us away the first time we worked inside of it.
Reportedly, the reason for the sale stems from investor frustration. While Bieri is the track's president, he is not the sole owner. With the loss of the large IHRA national event, revenue must be down for the facility and apparently Bieri's business partners have had enough and want to divest themselves from the property.
We do not know the specifics of the asking price, who was bidding, and if any of the bids were accepted. As soon as we get this information, we will report it, but as of now it appears that TMP will be under new ownership in the coming days and weeks. How that changes the way the place is run, who sanctions it, and who is steering the ship is anyone's guess.
Stay tuned, this is going to get interesting!
