The owner of Badlands Motor Speedway says the racetrack is up for sale, and that a ballot measure approved by voters on Election Day is to blame.
Chuck Brennan says initiated measure 21 has eliminated short term lending from the state.
Since his flagship business is ‘Dollar Loan Center’, he's decided to take some of his business elsewhere.
A race track sitting on 80 acres of land that can hold 9,000 spectators and 20,000 concert goers is now on the market.
Chuck Brennan purchased Huset’s Speedway in April 2015, renaming it Badlands Motor Speedway.
But after one race season and reportedly $10 million in improvements, the 60-year old track will soon undergo another name change.
On the track website, a statement says “the reason for this dramatic move has nothing to do with Chuck Brennan's love for this facility, racing, drivers and fans.
But instead is because of Initiated Measure 21.
This November, 75 percent of South Dakotans voted to cap payday loan interest rates at 36 percent.
Previously, there was no interest rate cap, so the average interest rate charge was 500 percent.
However, Badlands Motor Speedway says “this move by the voters has left hundreds without jobs and tens of thousands without a safe and alternative financial option.”
And because of that, “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.”
Brennan is asking for a lump sum payment of 9.75 million dollars for the business, land, facility, vehicles and furnishings.
The facilities management and General Manager Tom Savage will remain in place moving toward being 100 percent ready to go as planned for the season upon identifying new owners for the track.
If Brennan is not able to sell the track before race season, badlands motor speedway is not planning to race in 2017.
For Badlands Motor Speedway's full statement visit their website.