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

I don't think this has been posted on here, but a lot of people are talking about this in Northeast Modified circles. Last year, WRG was delinquent on a $17,000 utility bill at central New York's Cayuga County Fair Speedway. Now, they are $44,000 behind in back taxes at the same speedway,.The story has been in the Syracuse, N.Y. newspapers in recent weeks. Now, this article was posted today on a Syracuse website. So I guess Jason Sides can plan on waiting a little longer for his $40K?

Cayuga County could foreclose on race track
Auburn (WYSR-TV) – Cayuga County could soon foreclose on several properties, including a local track, if the World Racing Group fails to pay off more than $44,000 it owes in back taxes.

The group owns numerous properties in the county, including Weedsport Speedway, which could potentially be foreclosed on. The group also owns Rollings Wheels Raceway in the town of Sennett, but it is not subject to the same potential foreclosure proceedings.

All of the other properties that are subject to the possible foreclosure are vacant lots.

According to Cayuga County Treasurer James Orman, the foreclosure process actually began earlier this year. He says the group has until March 23 to develop a payment plan to settle its balance of $44,316.74.

Orman said he hopes a payment plan can be reached by the deadline, but he has not been in contact with the group.

The group purchased Weedsport Speedway for $4,300,000 in 2004. It purchased Rolling Wheels for $1,650,000 the same year


http://www.9wsyr.com...fB_CvsWBsQ.cspx

Cayuga County has to take a number and get in line to get paid.

A couple of years ago, the winner of a 358 Modified Tour race at Hogansburg, NY was DQed for a tech violation. Everybody else moved up one spot in the running order, but the eventual winner was paid for second place and so on. The 25K just went unpaid.

While this sounds really bad, this is not the first time the financials of the WRG have been called into question. Remember when they were a public company and their annual report would cause the message boards to light up like Chirstmas? After every report, the doomsday people would proclaim the end is near. Yet, they continue to some how always keep the doors open.

Once again, I am going to bet that they pull a rabbit out of a hat. They have seemed to do too many times in the past. Also, because I never want to see the first domino fall. Once the first domino falls, the rest may be soon behind it.

Here comes another name change, Boundless Motorsports, World Racing Group,wonder what the new name will be after this one? LMAO

That is all well and good, buy why would any indvidual or company willfully choose to let a property get to the verge of foreclosure over property taxes? The bill may very well end up getting paid, but it sure seems to indicate a cash flow problem. My experience has been that companies don't just decide to ignore utility bills and property tax bills for no reason.

The result of not paying taxes on time is interest penalties and a lower credit rating if WRG ever wanted to borrow money again.The same track, under WRG, closed before the end of the season in 2011 and had an issue where the water was either shut off or about to be shut off (I don't remember which) over an unpaid utility bill of $17,000.

name change you say,how about Enron Racing Group,they paid the suits big money right to the end also.

The 25k penalty that Friesen got penalized at Syracuse was fed into the driver's year end point fund last year.