Sale Delayed Of Cleveland Motor Speedway

Thursday, December 19, 2013

Bankruptcy trustee Jerry Farinash has delayed until Jan. 9 any action on the sale of the Cleveland Motor Speedway property.

He said he was not yet ready to go forward on executing a contract with Chattanooga developer Marcus Lyons to buy the property at 2420 South Lee Highway for $1.1 million. 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. 

Attorney Farinash said, after a brief appearance before Bankruptcy Judge John Cook, that he has had several offers on the 22-acre property. He said 18 acres are at the speedway site and four acres across the road.

He said there has also been interest from some in keeping the speedway in operation. But he said the property is so run down that it would be expensive to both buy it and then carry out needed updates.

He said some of the acreage may be taken for a planned new roadway. He called that a plus for the strategically-located property.

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.

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