Moparts
Drag Strip Business Opportunity
Posted By: Blucuda413
Drag Strip Business Opportunity - 12/03/08 06:12 AM
Red River Raceway in Gilliam, LA, north of Shreveport is for sale at an excellent price of $700,000. I have seen many strips around the country for sale but none of them even come close to the fantastic facility at Red River. Dig deep and reopen this track!!!
Posted By: bigdad
Re: Drag Strip Business Opportunity - 12/03/08 01:39 PM
I have a better idea ..
How bout sell shares of $1000.00 each to 700 people
And let the gate pay the weekly bills, repairs
All the "profits" go into a kitty..
I'll buy two shares ..
Who is next ??
Posted By: bonefish
Re: Drag Strip Business Opportunity - 12/03/08 01:41 PM
Quote:
I have a better idea ..
How bout sell shares of $1000.00 each to 700 people
And let the gate pay the weekly bills, repairs
All the "profits" go into a kitty..
I'll buy two shares ..
Who is next ??
ill match that and raise ya on share.
Posted By: bigdad
Re: Drag Strip Business Opportunity - 12/03/08 01:43 PM
Ok !!
695 shares left people , step up !!
Posted By: 408strokerdart
Re: Drag Strip Business Opportunity - 12/03/08 01:46 PM
I'll match it.
Posted By: bigdad
Re: Drag Strip Business Opportunity - 12/03/08 01:49 PM
Alright .. !!
This is too easy, 693 shares left !
Posted By: rt66jim
Re: Drag Strip Business Opportunity - 12/03/08 01:50 PM
I'm in for one. Might have to mortgage the Woody.
Jim
Posted By: bigdad
Re: Drag Strip Business Opportunity - 12/03/08 01:52 PM
Hi Jim, 1st dibs on the woody !!
692 shares left .. business is BOOMING today !
ps.
Better bet than a 401k lately
Posted By: 408strokerdart
Re: Drag Strip Business Opportunity - 12/03/08 01:55 PM
I'm with Blucuda on this one....pretty nice track for that coin. Assuming all of the electronics are part of the deal.
Posted By: rt66jim
Re: Drag Strip Business Opportunity - 12/03/08 01:55 PM
Quote:
Hi Jim, 1st dibs on the woody !!
Better bet than a 401k lately
Ain't that the truth.
Posted By: dc426
Re: Drag Strip Business Opportunity - 12/03/08 01:55 PM
Posted By: PS Arrow
Re: Drag Strip Business Opportunity - 12/03/08 02:39 PM
I'd be in for a couple. Wouldnt be bad to look at the finacials for a couple of years
Posted By: bigdad
Re: Drag Strip Business Opportunity - 12/03/08 02:50 PM
Quote:
I'd be in for a couple. Wouldnt be bad to look at the finacials for a couple of years
I've lost a couple grand before ..
Get some smooth talking lawyer type to sew up some loop holes, handle the transaction
690 SHARES LEFT !!
Posted By: Blucuda413
Re: Drag Strip Business Opportunity - 12/03/08 02:51 PM
The car count kept going down such that they couldn't make it on racers alone. However they would not establish any programs to bring out the spectators. Their view was "we're open, the racers must come". I think good management with some promotional capability could make a go of it.
Posted By: bigdad
Re: Drag Strip Business Opportunity - 12/03/08 03:04 PM
Poor marketing, with all the Casinos in Shreveport, it would not take too much to convince them to sponsor some races .. That alone to me sounds like a win / win for both ..but of course its lose / lose for most racers
Posted By: Al_Alguire
Re: Drag Strip Business Opportunity - 12/03/08 04:14 PM
How about we make it 70 shares at $10,000 a piece...I'm in for that one
I have been trying to talk the wife and my partner has been working on his. We have contacted the owners with a few generic questions about the place. The deal seems almost to good to be true, but I guess times are tough and real estate/land in the area is depressed. We have an agent doing a little research on the area and situation. Doubt we will get the wives to buy in but you never know.
Posted By: Lil Demon
Re: Drag Strip Business Opportunity - 12/03/08 04:20 PM
My interest is piqued. Anyone checking on use permits, does the liquor license come with it, area development, etc?
Posted By: Al_Alguire
Re: Drag Strip Business Opportunity - 12/03/08 04:25 PM
Well you have hit on some of the "issues"
Although so far it looks like they are really not going to be issues. The place is kind of isolated surrounded by farms. Gilliam is the closest town and it is relatively close but not much else around. Our guy is trying to get a feel for how the city "fathers" feel about the facility...
Bad news for large events is there is no place nearby to stay really. The pits are fairly small as well..Not sure it can be a big money maker ever but worth a look and maybe a run at it..
Posted By: bigdad
Re: Drag Strip Business Opportunity - 12/03/08 04:42 PM
Quote:
How about we make it 70 shares at $10,000 a piece...I'm in for that one
I have been trying to talk the wife and my partner has been working on his. We have contacted the owners with a few generic questions about the place. The deal seems almost to good to be true, but I guess times are tough and real estate/land in the area is depressed. We have an agent doing a little research on the area and situation. Doubt we will get the wives to buy in but you never know.
You can buy as many shares as you would like ..
10,20.. 50 ???
Like my old grand dad said
Buy, land .. they are not ever going to make more
Posted By: Al_Alguire
Re: Drag Strip Business Opportunity - 12/03/08 04:50 PM
Well it is 156.98 acres of land. If it is not sold it WILL NOT be re-opening for the foreseeable future. Leasing the facility is NOT an option either, the Wilhite family want it sold as they want/need to focus on their main business. Cant really blame them for that.
Posted By: BJS racing
Re: Drag Strip Business Opportunity - 12/03/08 04:52 PM
Well Al, if you need someone to work the place I am in the process of looking for another job. So if you do this let me know!
Posted By: Al_Alguire
Re: Drag Strip Business Opportunity - 12/03/08 04:57 PM
I kind of like the shares idea, HOWEVER the possibility of 699 other partners quite frankly scares the heck out of me...Been there done that with partnerships. Heck I used to be a partner is a Comp car, it was only 4 guys and it ended pretty ugly...
However I would not be opposed to buying a place like this and issuing shares to others, while maintaining a majority share. Of course I am not sure it can be made profitable for any of the share holders. One of the largest issues right now is MONEY is extremely tight right now, especially for business ventures.
Posted By: bigdad
Re: Drag Strip Business Opportunity - 12/03/08 05:04 PM
Thats how the Green Bay Packers are ..
I don't think there would be 700 owners either
more like 250 maybe (or less)
Just like buying stocks in any venture on a much smaller scale
Majority rules --2 years everyone wants to sell
it goes ..simple as that really
Posted By: Al_Alguire
Re: Drag Strip Business Opportunity - 12/03/08 05:05 PM
Well it sure sounds simple dont it
Posted By: dOrk !
Re: Drag Strip Business Opportunity - 12/03/08 05:07 PM
Anyone know if there are any zoning or neighbor "issues" ?
Posted By: Al_Alguire
Re: Drag Strip Business Opportunity - 12/03/08 05:07 PM
So far no....
Posted By: bigdad
Re: Drag Strip Business Opportunity - 12/03/08 05:11 PM
I'm from the glass is half full team ..
Posted By: thecarfarmer
Re: Drag Strip Business Opportunity - 12/03/08 05:41 PM
Quote:
Well you have hit on some of the "issues" Although so far it looks like they are really not going to be issues. The place is kind of isolated surrounded by farms. Gilliam is the closest town and it is relatively close but not much else around. Our guy is trying to get a feel for how the city "fathers" feel about the facility...
Bad news for large events is there is no place nearby to stay really. The pits are fairly small as well..Not sure it can be a big money maker ever but worth a look and maybe a run at it..
That's a real concern. Anybody who's interested should talk to the city/county planning dept; ask what their view is for the future of the area.
My dad bought a commercial building just outside of Seattle for the same price as that dragstrip; has a $6000 payment every month.
Seems that the city planners really want to see a retail establishment instead of a food processor. Even though his business fits the zoning, he's got all kinds of problems with parking, building permits, etc...
People putting in retail stores (which pay more taxes than wholesalers) aren't having these problems w/ the city hall.
If the local municipality is cool, then on to the next issue: why were the previous owners shrinking the business as opposed to growing it? Not saying it can't be turned around, but there has to be a real good plan in place to do so. We're heading into a temporary financial downturn, which will likely be very hard on a thing like a drag strip which lives or dies by peoples' discretionary income.
One more 'buzzkill' point... in the likelihood that this would take more capital to get it profitable, where would the money come from? Getting a group of guys to put the purchase price together really wouldn't be that hard. If it would pay for itself. But, if it loses money, someone's got to foot the bill. Otherwise, all the guys who put up $1000 for a piece of the action lose it when the place gets closed back down due to not being profitable, and then have to sell or be foreclosed upon.
Not trying to bash this idea; I love land, I love business, and I love racing. I think it's a REAL shame whenever a drag strip closes. But IMHO, buying into a business for emotional reasons is a good way to lose money.
Hopefully interested parties will be able to solve these problems and keep a strip open!
-bill
Posted By: rt66jim
Re: Drag Strip Business Opportunity - 12/03/08 05:42 PM
Maybe it could be developed into a Drag Strip country club. Instead of a home on the 18th green. You could have a garage at the starting line! Just a thought. Jim
Posted By: thecarfarmer
Re: Drag Strip Business Opportunity - 12/03/08 05:46 PM
It would give you a built-in count of neighbors who won't snivel about the dragstrip being there when a community starts to build up around it!
-bill
Posted By: Blucuda413
Re: Drag Strip Business Opportunity - 12/03/08 06:07 PM
As previously mentioned this track is in a farming area. The small community of Gilliam is close but last cencus had only 174 residents. The track is about 20 miles north of
Shreveport so I can't see any housing/business development for many, many years. I also cannot see the community or Parish complaining about bringing money into the area or the increase in taxes.
I have been to the track for a race with better than 200 cars and the pits didn't seem overcrowed. I also went up to spectate a Div 4 race several years ago and I don't remember any crowding either. In any event the land is part of the package and flat so extension of the existing pits would not be a huge undertaking.
Posted By: HEMIDARTS
Re: Drag Strip Business Opportunity - 12/03/08 06:10 PM
I would be interested under the right terms.
I guess i would like to see what Al and everyone find out.
Posted By: dOrk !
Re: Drag Strip Business Opportunity - 12/03/08 07:08 PM
Quote:
Well it is 156.98 acres of land. If it is not sold it WILL NOT be re-opening for the foreseeable future. Leasing the facility is NOT an option either, the Wilhite family want it sold as they want/need to focus on their main business. Cant really blame them for that.
THIS is a very unusual attitude ....something does not "smell right" here.
Posted By: sixpackgut
Re: Drag Strip Business Opportunity - 12/03/08 07:15 PM
put my mom down for one. i have no money
Posted By: Sub95
Re: Drag Strip Business Opportunity - 12/03/08 07:33 PM
If i lived alot closer, i would give a few k and all i would ask is not to have to pay to use the track when there was a event like T&T going on.
as a real event would cost alot out of pocket for the track for 700 people.
Posted By: RodStRace
Re: Drag Strip Business Opportunity - 12/03/08 07:49 PM
Bigdad, I remember the other track in east TX on the other site. It also started out okay, but nothing ever went further.
I'm in for 2K, and I've never been as far east as NM!
Posted By: bigdad
Re: Drag Strip Business Opportunity - 12/03/08 07:56 PM
Quote:
Bigdad, I remember the other track in east TX on the other site. It also started out okay, but nothing ever went further.
I'm in for 2K, and I've never been as far east as NM!
In the case of Hallsvile track
A few that shall remain nameless ..
Took a offer of $390k to them ( that was asking price of it), it was was tangled in a web of murder, theft, etc
County did not want it to be used as a track, would not issue release of tax debt and so on
it sold on county courthouse to be used I'm told as homes ..
I did not go to auction guy I know did, he said it brought allot more than asking price
Soooooooo ..
There is all I know about it
Posted By: B1Frank
Re: Drag Strip Business Opportunity - 12/03/08 09:06 PM
Do you have #700 people you can trust ???? NOT ME,I can't think of #699....It would be a good deal,...to ge
t it back open,...
Posted By: Jeepmon
Re: Drag Strip Business Opportunity - 12/03/08 10:02 PM
This is a very interesting idea and something I would very much be interested in..
After all the community research is done and once the long term plan of drag racing is set in concrete... a property management group must be established and ran quite similar to a corporation with officers and etc..
Either 70 or 700 partners doesnt scare me.. assuming the hierarchy is well thought out.
Al... please keep me updated as this progresses..
Posted By: StrokedW7
Re: Drag Strip Business Opportunity - 12/03/08 10:12 PM
Quote:
I would be interested under the right terms.
I guess i would like to see what Al and everyone find out.
I agree... Under the right terms, I would be interested. I would even be willing to review the financials, etc. to determine if it would be a viable option. There are obviously reasons, why they are selling. We would have to make sure that the proper managment team is in place to overcome what ever hurdles may come.
Posted By: StrokedW7
Re: Drag Strip Business Opportunity - 12/03/08 10:13 PM
Quote:
...ran quite similar to a corporation with officers and etc..
It would HAVE to be setup as a Corporation. For many reasons, liability being the biggest.
Steve
Posted By: hemi_doug
Re: Drag Strip Business Opportunity - 12/03/08 11:11 PM
Count me in on a share!
Posted By: bigdad
Re: Drag Strip Business Opportunity - 12/03/08 11:51 PM
PS ..
The NHRA is set up as a non profit organization
Posted By: 3ddart
Re: Drag Strip Business Opportunity - 12/04/08 02:02 AM
get this moving and maybe you can get some gov. bailout money before everyone else gets it!!!!!lol. tell them it's part of the automakers bailout
Posted By: StrokedW7
Re: Drag Strip Business Opportunity - 12/04/08 02:11 AM
Quote:
PS ..
The NHRA is set up as a non profit organization
Non profits are also corporations. I do not think we would be able to come up with an exempt purpose. BTW - You would never get anyone to invest into a nonprofit.
Steve
Posted By: Blucuda413
Re: Drag Strip Business Opportunity - 12/04/08 02:17 AM
An LLC is a possibility!!!
Posted By: StrokedW7
Re: Drag Strip Business Opportunity - 12/04/08 02:22 AM
Quote:
An LLC is a possibility!!!
For liability reasons... YES but for transferability of ownership, etc. LLCs are not ideal.
Steve
Posted By: TS3303
Re: Drag Strip Business Opportunity - 12/04/08 02:32 AM
700 shares at 1K each and your already out of business. Better go for 500 shares at 3K. Wages, operating expenses, improvements, etc have to come from somehere.
Posted By: sixpackgut
Re: Drag Strip Business Opportunity - 12/04/08 03:29 AM
when the property value goes up we could remortgage the property with a no document interest only loan and put in a 700 bay shop with tools
sorry, thats not funny
Posted By: StrokedW7
Re: Drag Strip Business Opportunity - 12/04/08 07:37 PM
Quote:
700 shares at 1K each and your already out of business. Better go for 500 shares at 3K. Wages, operating expenses, improvements, etc have to come from somehere.
That's right!
Steve
Posted By: DennisH
Re: Drag Strip Business Opportunity - 12/04/08 08:29 PM
Quote:
I have a better idea ..
How bout sell shares of $1000.00 each to 700 people
And let the gate pay the weekly bills, repairs
All the "profits" go into a kitty..
I'll buy two shares ..
Who is next ??
I'm in.
Posted By: moparniac
Re: Drag Strip Business Opportunity - 12/05/08 02:01 AM
ill take 351 shares
just kidding.... tracks closing up sucks.
Posted By: RodStRace
Re: Drag Strip Business Opportunity - 12/07/08 03:58 AM
Posted By: Blucuda413
Re: Drag Strip Business Opportunity - 12/09/08 04:22 PM
Did anyone see the track that went up on RJ yesterday?? Asking $750K and not even close to the facility at Red River. Looks like most small avg tracks are going between $600K and $800K. Red River is not an average track. Somebody buy it!!!!
Posted By: Al_Alguire
Re: Drag Strip Business Opportunity - 12/09/08 04:25 PM
Does not look like a financially viable deal, at least for absentee ownership from our perspective. Just does not look to positive given the area economic situation. If however someone can put a deal together and have the resources to keep it going in the short term perhaps in the long term it could be made financially sound. Who knows though in the end, just not in the cards for us at this point.
Posted By: Anonymous
Post deleted by Defbob - 12/10/08 12:55 AM
Posted By: VernMotor
Re: Drag Strip Business Opportunity - 12/10/08 01:49 AM
Well they changed the name of the track and web site..so someone bought it ?
Posted By: rt66jim
Re: Drag Strip Business Opportunity - 12/10/08 03:41 AM
Quote:
Well they changed the name of the track and web site..so someone bought it ?
Do you have a link to the new web site? Jim
Posted By: Blucuda413
Re: Drag Strip Business Opportunity - 12/10/08 04:52 AM
The people who were running Red River were also running Cherokee County in Texas. I think what's happening is that when you go to red river site you are being redirected to Cherokee County.
Posted By: Al_Alguire
Re: Drag Strip Business Opportunity - 12/10/08 05:21 AM
What he said...The Cherokee site just absorbed the Red River webpage, nothing has changed, at least in the last 48 hours.
Posted By: 70Dustmite440
Re: Drag Strip Business Opportunity - 12/12/08 08:08 PM
interesting.
Posted By: bigdad
NEWS FLASH !!!! - 12/27/08 02:02 AM
Here is the news as I hear it ..
Cherokee county (Rusk, Tx) has been closed forever, some say the bulldozers have already been there ?
Its going to be a game ranch ?
look on website message board and some of that looks to be confirmed there
I am also told that Red River is sold and will open in January
Possible there is a connection ?
I will bring more news as I dig it up
Posted By: bigdad
Re: NEWS FLASH !!!! - 01/04/09 05:33 PM
Any other news , It has been sold they tell me
Posted By: sixty9bee
Re: NEWS FLASH !!!! - 01/04/09 06:34 PM
Rumor in shreveport is a man named Geoffrion (unknown spelling) from Dallas bought Red River Raceway and closed on it within the last two weeks. He is supposed to own the Royal Purple distributor in Dallas and his long time friend Tom Brown will manage the race track.
Posted By: Blucuda413
Re: NEWS FLASH !!!! - 01/04/09 06:45 PM
The word I heard is that Tom and guys (Tom Brown???) bought Red River. Somehow some of the equipment from Cherokee County(CCMP @ Rusk, TX) also ended up at Red River. The Red River web site has been reactivated with notes that schedule and contact points will be available soon.
As you say CCMP has been closed!!!
Ken and Molly who were managing both Red River and CCMP have moved to Pine Valley in Lufkin, TX. From their msg board it appears most of the racers in that area are extremely happy to have them at that track. BTW, the previous manager at Pine Valley apparently was not liked by the racer community. However, he owned 1/4 of the track and has now stated he will sell his share. Apparently he didn't like being pushed out of the managers job.
BTW, I gleamed all this info from the net and I have no first hand knowledge of any of it.
Posted By: Blucuda413
Re: NEWS FLASH !!!! - 02/05/09 04:52 PM
Well, I don't know if Red River sold or not. The last couple of days it has again been advertised on Racing Junk. I guess it's a wait and see!!
Posted By: Blucuda413
Re: NEWS FLASH !!!! - 02/14/09 04:45 PM
Someone checked with the Div 4 Director and he said the deal did not go through!!! Available again!!!!
Posted By: 65dragnet
Re: NEWS FLASH !!!! - 02/14/09 05:06 PM
Bunkerhil Dragstrip and speedway is also for sale in Indiana , heard it can be separated oval track $250k and dragstrip $500k or $750 both. I think 5/8 clay oval and 1/8 mile dragstrip plus home and 44acres
