A Chattanooga developer may wind up with the Cleveland Motor Speedway property.
According to documents in Bankruptcy Court in Chattanooga, Marcus D. Lyons has a contract with bankruptcy trustee Jerry Farinash to buy the property at 2420 South Lee Highway for $1.1 million.
The deal would have to be confirmed by the bankruptcy judge. A hearing is set for Thursday at 10 a.m.
Mr. Lyons is president and CEO of Lyons Group, Inc. and has been involved in multi-family and commercial real estate over the past several years.
Before the founding The Lyons Group, he worked as affiliate broker from 2008 to 2012 at Real Estate Partners where he founded the Apartment Placement company Scenic City Rentals which focuses on securing qualified tenants for residential/ multi-family investment property.
He also acts as co-founder and CEO of BlueStar Properties, a real estate asset management company that currently serves Tennessee and its neighboring states.
The Cleveland Speedway has been in operation since the early 1950s and has been holding races this aseson.
It was operated at one time by legendary NASCAR star Joe Lee Johnson, who won the first World 600 at the Charlotte Motor Speedway in 1960.
The 1/3-mile clay oval was operated by Monty Morrow and Ronnie Willkomm from 2004-2011, and Mr. Willkomm is the current owner.
It went into bankruptcy in 2011.