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.


PHOTOS: UTC Has Official Opening For New $50 Million Library

UTC on Thursday held the official opening for its new $50 million library at Vine and Douglas. The five-story library replaces the Lupton Memorial Library at Vine near Palmetto, which will be converted for classrooms. It took four years to build. (click for more)

Corker, Alexander Among Those Voting To Pass Keystone XL Pipeline Act

Senator Bob Corker released the following statement after voting for S.1, the Keystone XL Pipeline Act, which passed the Senate by a vote of 62 to 36. First proposed more than six years ago, the pipeline would have the capacity to transport more than 800,000 barrels of oil per day from Canada to refineries on the Gulf Coast of the U.S. He said several Obama administration reports ... (click for more)

Shelley Andrews Will Be Missed - And Response

Shelley Andrews was one of the kindest, most thoughtful and most effective laborers in our community.  Her work with the Friends of Moccasin Bend was exemplary.  She listened, she learned and she led with dignity and class. Her brave battle with ovarian cancer was a testament to her positive spirit and commitment to her work on behalf of the people of this region. ... (click for more)

Roy Exum: This One’s For ‘Grifter’

Back in October of 2013 a Facebook page called “OAF Nation” was created to “boost the morale” of the heroes who make up our nation’s military.” It was tongue-in-cheek satire, putting funny captions on every-day pictures that showed members of the Army, Navy, Marines and Coast Guard as they defended our country. Our fighting men and women loved it. It quickly went viral and today ... (click for more)

McCallie Promotes Three in Athletics Dept

McCallie School has announced the promotion of three employees into administrative roles in the Athletic Office. Jeff Romero, Mike Newman and Ralph Potter have all been promoted to new or reconfigured positions.  “From a practical standpoint, responsibilities of a modern athletic program have grown beyond the ability of a single person to manage,” said Associate Headmaster ... (click for more)

UTC Softball Team Prepares for 2015 Season

It’s nine days to the season opener – Plainsman Invite (Auburn, Ala.) – and the UTC Indoor Softball Facility at Warner Park was alive with the sounds of batting and infield practice Wednesday afternoon as the 20 Lady Moc players plus coaches were on hand for 2015 Media Day. Located in their familiar spot as pre-season Southern Conference favorites, UTC returns a strong ... (click for more)