Forum: HoseHeads Sprint Car General Forum (go)
Moderators: dirtonly  /  dmantx  /  hosehead

Any new rumors circulating around about the future of Husets Speedway?

I'd say unless his other investors are willing to take a loss that it stays closed for quite some time.  If they are willing to take a loss and the asking price goes down to $1 - 1.5 mil it has a chance to sell.  Still be very difficult for someone to turn a profit at that asking price though.

Only way I see it selling is if someone really wants to own it and they have cash on hand which is too bad for everyone (fans, teams, drivers, the city of Brandon).

If someone had to borrow the $$ to buy it they'd have payments of nearly $13000 a month for 30 years at 0% interest on the loan.   I don't see any model where that is even possible to do.  Only way I see it re-opening is a vastly reduced price of $1 mil or less or Chuck re-opens it.

I sure hope Chuck finds it in his big, caring heart to allow us common folk the privilege of watching sprint cars at our home track. Please Mr. Chuck, please. 

The land alone is worth more than $1 or 1.5 million.....

Most flood plain is...

As a cranberry bog

So at your 1.5 million for the land, that's 18,750 per acre.  What could a person do with this land?  

Rumor I heard was if it doesn't sell.  He will donate the land for a wildlife refuge. 

I'm no cpa. But that might be his best financial move? 

The problem with that assessment is...............there is a gigantic racetrack built on it.  Therefore, the land has no value at all.  To use the land, the track would need to be torn down.  This makes the land worth nothing.  

Ironically I just received a text on this Subject today.

I heard there will be an announcement on Friday.

Not gonna get specific but the alleged new buyers are from South Dakota.

Rumor mill deluxe, but I can assure you this isnt from shake n bake.

The worst president of my lifetime:
Ronald Reagan

Already turned down $5 million.  Fact.      Will be racing next year.   Fact.  

      Good thing Chuck would have a CPA involved. Most peopel just don't understand tax write-offs and such. If you we give away a chunk of land to an approved non-profit organization or such, it would make no financial sense. Rememer- that guy is all about money.

    The financial incentive for him would be that he would get a tax credit on his income taxes based on his tax rate times the fair market value of the donation. That's all. A guy like him is probably paying in the 38% tax bracket. If he donates something worth $100, he saves $38. Would you give away a $100 item to save $38? Probably not.

     To get the tax credit, the fair market value would have to be determined. The fair market is basically, what someone is willing to pay for something. Saying it's worth Pick a number. If the fair market is $1,000,000 the tax credit is $380,000. Saying it is worth 10 or 7 million dollars means nothing. Let's say the fair market value is $1,000,000. Nobody in their right mind would donate it and take a $620,000 hit. They'd just sell it for the $1,000,000 and be done. What that means is that the talk of a wildlife refuge is just talk because nothing else is going on at the moment.

     When all is said and done, the property will sell when a buyer and the seller(s) can agree upon a price. Then, something may or may not happen involving a race track.

   I disagree. I believe you've been there? Put up a little bit of fencing and you have some alfalfa field and somehilly cattle pasture. Without a race track, that's it's highest potential use, due to it being in a flood plain.

Just my observation- whenver anybody has to insert the word.  Fact, into a rumor, it's generally not true. Fact. 

      Awe man, I thought that big announcement was set to come out last Friday.

Ok....I'll retract my statement of "no value at all"

What I meant was, the land itself is not worth 1-1.5 million by itself---as someone earlier had said.  Not close. 

still makes zero financial sense.   Most people with $$$ and continue to have $$$ for the remiander of their life and leave $$ to their heirs have one thing in common.  They don't waste it on something that doesn't make them $$$.

Usually I suppose that's true. But in this case a payday loan guy did.