Reported track closure might be temporary
by Lauren K. Ohnesorge
For Speedway Associates' President Alton McBride Jr., it's been
"a wild week."
After announcing to the press the closure of the North Wilkesboro Speedway just a year and a half from its reopening, he's now saying it's not as dire as it initially appeared.
"It's a little bit of a complex situation," he said. "We get into a window where, a year and a half into it, we've got to make the tough-love decision. That required putting the brakes on it and saying, ‘OK, we've got to take a time out.'"
That "time out," he said, should take four to six weeks, after which time the Speedway "should" resume regular operations.
"Should," that is, if he gets financial support from outside sources, like businesses and individual investors.
"While we've had some good support in the area, it has not been the level of what was promised or committed," he said, although he hesitated to talk about specifics.
"It's not anyone that we're going to single out," he said. "It's literally and honestly been across the board," he said. "We don't want to go out and bash nobody. This is a positive thing, but the facts that you're looking at, on the business plan and the studies that were done, we had company commitments and letters of intent -- the whole deal -- that did not come to pass."
It's what McBride called "a numbers game," though he could not be specific about "the numbers."
"Under advisement of our legal council, we can't put actual financial numbers out there in the press because it would border on a public offering, but what I can tell you is, it's a lot less than people think," he said. "We just need to get a bit of security to push us over the top."
If a restructure happens, it has to happen by June 30, he said. That's the day operations will cease. Last weekend's tractor trailer pull was cancelled, and cancellations will continue without the added cash, he said.
In the meantime, Series' owners have been supportive of the uncertainty, he said.
"We're telling them our intention is to be restructured," he said.
But controversy behind the scenes didn't start last week with the announcement.
Save the Speedway Foundation, an organization whose historic research into the track has developed a large Internet following, pulled their involvement from the track more than a month ago, spokesman Steven Wilson said. It didn't bother McBride, who said STS was not instrumental in the track's reopening.
"Speedway Associates gained a successful contract on historic North Wilkesboro Speedway and had no contact or no help from the Save the Speedway group for six months," he said. "They called us for six months and we didn't take their calls. … We didn't want to confuse our identities."
Wilson said the organization pulled its support in anticipation of a closure.
"We knew at some point it was going to fail," he said. "The management there, we just didn't feel it was going into a direction we could be a part of."
And the closure announcement was a publicity stunt, Wilson said.
"And it worked," he said. "It worked great. Everybody in the world started writing about it. … It was a free publicity generator so he could turn around three days later and say, ‘Give me all this money so I can keep this place open.'"
The work STS has done, Wilson said, won't be wasted.
"It's about history," he said.
And STS historic spotlighting brought attention to the track, he said, attention that contributed to McBride's contract.
"The management down there is not up to par," he said. "If they're closing the facility down, they need to tell these Series they're closing the facility down and not string them along."
While most operations are happening as usual, the track itself is closed, at least until June 30, McBride said.
"Then, we'll see," he said.
After announcing to the press the closure of the North Wilkesboro Speedway just a year and a half from its reopening, he's now saying it's not as dire as it initially appeared.
"It's a little bit of a complex situation," he said. "We get into a window where, a year and a half into it, we've got to make the tough-love decision. That required putting the brakes on it and saying, ‘OK, we've got to take a time out.'"
That "time out," he said, should take four to six weeks, after which time the Speedway "should" resume regular operations.
"Should," that is, if he gets financial support from outside sources, like businesses and individual investors.
"While we've had some good support in the area, it has not been the level of what was promised or committed," he said, although he hesitated to talk about specifics.
"It's not anyone that we're going to single out," he said. "It's literally and honestly been across the board," he said. "We don't want to go out and bash nobody. This is a positive thing, but the facts that you're looking at, on the business plan and the studies that were done, we had company commitments and letters of intent -- the whole deal -- that did not come to pass."
It's what McBride called "a numbers game," though he could not be specific about "the numbers."
"Under advisement of our legal council, we can't put actual financial numbers out there in the press because it would border on a public offering, but what I can tell you is, it's a lot less than people think," he said. "We just need to get a bit of security to push us over the top."
If a restructure happens, it has to happen by June 30, he said. That's the day operations will cease. Last weekend's tractor trailer pull was cancelled, and cancellations will continue without the added cash, he said.
In the meantime, Series' owners have been supportive of the uncertainty, he said.
"We're telling them our intention is to be restructured," he said.
But controversy behind the scenes didn't start last week with the announcement.
Save the Speedway Foundation, an organization whose historic research into the track has developed a large Internet following, pulled their involvement from the track more than a month ago, spokesman Steven Wilson said. It didn't bother McBride, who said STS was not instrumental in the track's reopening.
"Speedway Associates gained a successful contract on historic North Wilkesboro Speedway and had no contact or no help from the Save the Speedway group for six months," he said. "They called us for six months and we didn't take their calls. … We didn't want to confuse our identities."
Wilson said the organization pulled its support in anticipation of a closure.
"We knew at some point it was going to fail," he said. "The management there, we just didn't feel it was going into a direction we could be a part of."
And the closure announcement was a publicity stunt, Wilson said.
"And it worked," he said. "It worked great. Everybody in the world started writing about it. … It was a free publicity generator so he could turn around three days later and say, ‘Give me all this money so I can keep this place open.'"
The work STS has done, Wilson said, won't be wasted.
"It's about history," he said.
And STS historic spotlighting brought attention to the track, he said, attention that contributed to McBride's contract.
"The management down there is not up to par," he said. "If they're closing the facility down, they need to tell these Series they're closing the facility down and not string them along."
While most operations are happening as usual, the track itself is closed, at least until June 30, McBride said.
"Then, we'll see," he said.

