NJMP Reveals More Restructuring Details
MILLVILLE, N.J. — New Jersey Motorsports Park, which last week filed for bankruptcy protection, has released further details into its financial restructuring.
Lee Brahin, the Philadelphia-area real estate developer who led and oversaw the development of the entire facility, will increase his ownership stake and will become co-managing partner of NJMP. He will also continue to work on development activities, entitlements and high level financial and business activities for the track.
Harvey Siegel, who has employed his expertise in running multi-use motorsports facilities such as his Virginia Int’l Raceway in Alton, Va., to great effect at NJMP, will retain his ownership stake and will continue to work on future development concepts and activities while fostering relationships within the racing community for the Park’s benefit.
Former minority owner R.J. Valentine will up his stake to a more significant holding, becoming co-managing partner with Brahin and assuming managerial responsibility for marketing activities at the Park.
“We have worked in cooperation with our lender and have come up with a structure that we feel will maximize long-term value to all of the various stakeholders in the business while providing continued and expanded world-class service to our customers within that structure and plan. We appreciate their strong confidence in existing management,” said Brahin. “I look forward to my continued involvement in existing management during our reorganization process as well as being involved in the future management team, which will feature an array of new and successful entrepreneurs with an history of success and involvement in both the automotive and racing worlds.”
NJMP has also hired Joe Heller as director of marketing and communications.
Short URL: http://www.nationalspeedsportnews.com/?p=27484
Posted by NSSN Staff
on Mar 15 2011 Filed under Latest Headlines, MID-ATLANTIC, Racing Nation.
You can follow any responses to this entry through the RSS 2.0.
Both comments and pings are currently closed.
International Motorsports Industry Show
North Carolina Motorsports Association
RacingJunk.com
University of Northwestern Ohio
