Badlands Motor Speedway is looking for a new owner. In a statement on the speedway's website, Chuck Brennan attributes the recently passed short term lending ballot initiative as the reason for the sale.
Below is the entire statement from Badlands Speedway:
Badlands Motor Speedway will immediately begin the process of searching for new owners and operators.
This one of a kind, turnkey racing and entertainment facility has been quoted as being one of the nicest, most modern and high tech dirt track in the United States with a 60+ year racing history. With a capacity of over 9,000 in the grandstands and 20,000 for concerts or festivals, BMS is much more than just a race track, it is a legendary gathering point.
Badlands Motor Speedway, formerly Huset’s Speedway, has just undergone an unprecedented Ten Million Dollar makeover and is completely new and renovated from the ground up.
Sitting on over 80 acres, the capacity for events of all kinds, in addition to the best racing in America, is simply staggering and the opportunity for the new owners group is limitless.
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.
BMS not only comes with a turnkey facility that is completely race ready, but with a passionate staff that is the best in the business and able to hit the ground running this race season and continue on with all of the ground work that has been laid for the upcoming 2017 race season.
The facilities management and General Manager Tom Savage will remain in place and keep moving toward being 100% ready to go as planned for the season upon identifying new owners for the track.
The firm asking price for the Business, land, facility, vehicles, furnishings and everything you need to be race ready is $9,750,000 as one lump sum payment or 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 by going that route. As long as the payments are on time, that 6 year period would be interest free.
We will not be having our race banquet this year as planned for January 14. Anyone who purchased tickets for this event will be fully refunded. Rather than having the drivers and race teams wait until then as in the past, we will be paying out all of the prize money for last season immediately. Race teams will be contacted by our staff to arrange getting them their funds, trophies and prizes.
In the unlikely event that we are unable to sell the track before race season, Badlands Motor Speedway is NOT planning to race in 2017. We will have the entire facility maintained and ready to go for a smooth transition when it happens.