Pikes Peak International Raceway will shut down at the end of October as part of its planned sale to Rocky Mountain Speedway Corp., a subsidiary of International Speedway Corp, officials said today.
Financial terms of the sale weren’t disclosed. The deal is expected to close in a week.
ISC will honor scheduled events at the racetrack through Oct. 31. The company will then close the facility and put the 1,200-acre parcel up for sale.
“Today is a loss for Colorado motorsports,” said Rob Johnson, PPIR president. “I had no idea of ISC’s plans.”
PPIR’s 16 employees will receive severance packages and a handful will assist with the closure. The nine-year-old facility has hosted numerous motorsports events, public and private driving schools and racing clubs and other live entertainment.
As part of a management agreement between PPIR and ISC two years ago, ISC had the right to match any offer for PPIR, Johnson said.
ISC plans to petition NASCAR to realign PPIR’s NASCAR Busch Series event to Martinsville Speedway for 2006.
Also, ISC plans to move some of PPIR assets such as grandstand seating, furniture and equipment, to other racing venues in the company’s portfolio.
“This purchase further strengthens our ability to capitalize on future growth opportunities, including internal expansion initiatives,” said John Saunders, ISC’s chief operating officer. “In addition, assuming NASCAR approves our request for realignment, we believe we can successfully grow the Busch event over the long term at a quicker rate than in its current venue.”
ISC is a publicly traded company based in Daytona Beach, Fla.
Staff writer Andy Vuong can be reached at 303-820-1209 or avuong@denverpost.com.
