Milwaukke stuff

D.O. · 12/31/08, 5:26 PM

Investor group pulling out of Milwaukee Mile: The future of motor sports at the Milwaukee Mile is in doubt after Wisconsin State Fair Park officials announced Tuesday [Dec 16th] that the investor group now promoting events at the track plans to get out of the business by December 2010. Milwaukee Mile Holdings LLC is led by two Californians, Frank J. Andrews and David O. Stroud, but includes several prominent local investors, including local philanthropists Chris Abele and Dan Bader, Ulice Payne Jr., chairman of the Bradley Center Sports and Entertainment Corp., and auto dealer David Hobbs. The group had asked the board to reopen its licensing agreement because it was losing money. The board said no, prompting the group to exercise its right to opt out by December 2010. Milwaukee Mile has said that, since taking over the historic racetrack in December 2005, it lost $2.1 million in 2006 and $1.5 million in 2007. This year it expects to lose $1.2 million. The group's latest proposal called for dropping the annual license fee, estimated at $700,000 this year, and for the right to develop a parcel near the Pettit National Ice Center. Milwaukee Mile officials said at least four races were still scheduled for next season, beginning with the Indycar Series from May 29-31. Evan Zeppos, a Milwaukee Mile spokesman, said, "While we have tendered our option to terminate, if the state were to come back to us, we would listen to them."(Milwaukee Journal Sentinel)(12-27-2008)

badgerfan · 12/31/08, 8:27 PM

This is a shame for a really historic facility. If I recall correctly the Camping World folks had agreed to take over earlier this year and then pulled out--apparently after seeing the books and contracts that were already in place. Not good news.

sc96 · 12/31/08, 8:34 PM

This is sad news and with the economy the way it is it will be hard to get someone to take it over. One more silvercrown track will be gone and once these places shut down it takes a truck load of money to get them back up and running.

Tim Watson · 1/1/09, 1:36 PM

That is sad news but the crowds just are not what they use to be for any type of racing they have. The biggest draw that i have seen is when they use the track to park on during the state fair.

12/31/08, 5:26 PM	#1 Milwaukke stuff
D.O. Senior Member Join Date: Jul 2007 Posts: 2,915	Investor group pulling out of Milwaukee Mile: The future of motor sports at the Milwaukee Mile is in doubt after Wisconsin State Fair Park officials announced Tuesday [Dec 16th] that the investor group now promoting events at the track plans to get out of the business by December 2010. Milwaukee Mile Holdings LLC is led by two Californians, Frank J. Andrews and David O. Stroud, but includes several prominent local investors, including local philanthropists Chris Abele and Dan Bader, Ulice Payne Jr., chairman of the Bradley Center Sports and Entertainment Corp., and auto dealer David Hobbs. The group had asked the board to reopen its licensing agreement because it was losing money. The board said no, prompting the group to exercise its right to opt out by December 2010. Milwaukee Mile has said that, since taking over the historic racetrack in December 2005, it lost $2.1 million in 2006 and $1.5 million in 2007. This year it expects to lose $1.2 million. The group's latest proposal called for dropping the annual license fee, estimated at $700,000 this year, and for the right to develop a parcel near the Pettit National Ice Center. Milwaukee Mile officials said at least four races were still scheduled for next season, beginning with the Indycar Series from May 29-31. Evan Zeppos, a Milwaukee Mile spokesman, said, "While we have tendered our option to terminate, if the state were to come back to us, we would listen to them."(Milwaukee Journal Sentinel)(12-27-2008)

12/31/08, 8:27 PM	#2 Re: Milwaukke stuff
badgerfan Senior Member Join Date: Dec 2007 Posts: 335	This is a shame for a really historic facility. If I recall correctly the Camping World folks had agreed to take over earlier this year and then pulled out--apparently after seeing the books and contracts that were already in place. Not good news.

12/31/08, 8:34 PM	#3 Re: Milwaukke stuff
sc96 Senior Member Join Date: Dec 2007 Posts: 487	This is sad news and with the economy the way it is it will be hard to get someone to take it over. One more silvercrown track will be gone and once these places shut down it takes a truck load of money to get them back up and running.

1/1/09, 1:36 PM	#4 Re: Milwaukke stuff
Tim Watson Senior Member Join Date: Jul 2007 Posts: 2,509	That is sad news but the crowds just are not what they use to be for any type of racing they have. The biggest draw that i have seen is when they use the track to park on during the state fair.