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A Florida investment firm is in talks to buy the shuttered Gateway International Raceway in Madison.

Susan Pollack, spokeswoman Palm Beach International Raceway in Jupiter, Fla., confirmed Wednesday that Moroso Investment Partners is “in discussions with current landowners,” to purchase the Madison racetrack.

The track opened in 1997 and closed in November.

Pollack said there were no further details about the negotiations.

Moroso Investment Partners also owns Memphis International Raceway. That track was recently purchased from Dover Motorsports Inc., which had been the owner of Gateway International Raceway.

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The rumors I've heard is that it will be 2012 before the track could re-open.

I hope it happens, even if it is next year.

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Gateway may have racing again by July
Gateway International Raceway, which ceased operations last November, could be back in business by July if negotiations continue moving forward to sell the track to a Florida investment firm.

Three weeks ago, Dover Motorsports Inc. terminated its leases with three of the four parties who own a majority of the racetrack, setting the stage for the negotiations. The Delaware company bought Gateway in 1998 from its original owner, Chris Pook.

Dover also owned 18.5 acres of the Gateway property but relinquished it as part of the deal.

"The owners are putting together a strategic plan with the intent of returning Gateway International Raceway to full operating status within the next 120 days," said Clayton attorney Bob West, who represents one of the parties who owns the lease at GIR. "That is our goal."

Moroso Investment Partners, a group that owns Palm Beach (Fla.) International Raceway, is trying to buy Gateway. It bought Memphis Motorsports Park at auction from Dover in December for $2.062 million and finalized the deal on Jan. 31.

Susan Pollack, spokeswoman for PBIR, said on Thursday that Moroso is "in discussions" about buying Gateway. She would not comment further.

Dover ended its involvement with Gateway on Feb. 18, according to Securities and Exchange Commission filings. Dover has to file any transactions with the SEC because it is a publicly traded company.

GIR is composed of approximately 290 acres, which includes the racetrack and various non-adjacent parcels used from time to time for parking. The track property itself sits on about 150 acres.

According to the filings, Dover is still trying to 'secure the termination of our one remaining lease, but the obligations under this lease are not material to us."

In a telephone interview, Dover chief executive officer Denis McGlynn said, "I think the table is set now for the property to be revived assuming the property tax issue can be resolved.

"Before, while we were still obligated under leases, for somebody to come in and buy the entity and not be able to buy the property, it creates some hurdles that would have been very difficult to overcome. All of which would have been made worse by the obligation to pay property tax on something you don't own. This cleans all of that up."

The property tax on Gateway, which sits in St. Clair County, was a reported $2.5 million. As of three weeks ago, the landowners had filed a property tax appeal with the county asking for the taxes to be reduced. It is unclear whether the owners were given any breaks.

McGlynn also noted that Dover gave up its 18.5 acres of property to the landowners 'so that would be consideration for them to let us out of the leases. That cleans up the property to be able to be either transacted in a sale in an orderly fashion or for a new operator to come in there and sign new leases and work out a new property tax arrangement.

"I think we left it in as good as shape as we can for the next group to come in there and do the best they can with it. We're not happy in the sense that we weren't able to get sufficient traction out there as an operator.

"But we're happy, under the circumstances, that we were able to leave that property in the best possible shape we can for it to survive or re-emerge. We wish them the best of luck."

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The article I saw said that they are now working with the local government to reduce the 2.5 Million tax due on the property. IMO the government should jump at the chance to get someone in there and get some money rolling in. They are getting NADA right now. Probably all kinds of political mumbo jumbo behind that decision though. Nothing is ever simple with the government involved.

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Preachin' to the choir brotha man.

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Original owner gets involved with sale of Gateway International Raceway

Original Gateway International Raceway owner Chris Pook and his former construction manager and general manager Rod Wolter have been asked by the track’s current landowners to help facilitate the sale of the Madison track.

"We’ve been in discussion with Chris and Rod for several weeks and we’ve just finalized the consent of the group to engage them," said Clayton attorney Bob West, who represents one of the landowners. "I don’t know if afraid is the right term, but the group recognized that these guys had a lot of knowledge, a lot of experience, a lot of credibility in the racing industry that would let them speak with authority to people that the owners would not otherwise have the opportunity to gain an audience with."

West also denied Gateway has been sold to Moroso Investment Partners, a Florida firm that owns Palm Beach International Raceway. That group purchased Memphis Motorsports Park at auction in December from Dover Motorsports Inc. and finalized the deal on Jan. 31 for $2.062 million.

And, until Feb. 18, Dover had owned parts of and leased parts of Gateway from the four landowners. But the Delaware-based company terminated its leases with the foursome and is no longer involved.

"Contrary to lots of rumor and speculation that’s out there, the Palm Beach people do not have this property bought," West stressed. "We’re entertaining all serious inquiries. We have neither accepted any nor turned down any."

Pook originally bought the Gateway property in 1995 and opened the track in 1997. Wolter, 70, who still resides in Edwardsville, was Pook’s construction manager and general manager until Pook sold the facility to Dover Motorsports in 1998.

Wolter said he recently became involved because "I couldn’t stand to watch it go away. Would I want to buy it? ... If I was younger. I’d like to see someone get it that can run it as a facility and maybe do a better job than Dover did."

Wolter didn’t want to speculate on an asking price for the track.

"I can’t put a number on it and I don’t want to put anything out for publication so they’d get screwed around," he said. "They’ve kind of agreed to take whatever they can get. It was a hard thing to try to sell in that condition. But I guess whatever anybody would be willing to pay for it at this point. ...Whoever wanted to buy it, they would have to run (the price) by the owners and if they’re happy with it, that’s what they’ll take."

Wolter said he and Pook recently met with St. Clair County officials as well as Illinois Department of Transportation officials "to see what the future is with roads and the new 70 interstate highway. It should all lend very well to help the track the way it looks to us."

The meeting with St. Clair County involved the property tax issue with Gateway. The property taxes on the land for 2010 were $2.5 million, a major stumbling block in any negotiations. The landowners have filled out forms with the county to protest those taxes and are awaiting a decision by the assessor’s office.

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