New on North Wilkesboro

buckaroo

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I wouldn't be looking too soon for any racing of any kind at the North Wilkesboro Speedway. The group who was spearheading the Save N. Wilkesboro Track has pretty much run into a brick wall by the name of Bruton Smith. The group has talked to the townsfolk, and both Smith and Bob Bahre who is the co-owner of the facility. Bahre has agreed to do with the track what Smith will do and if that's sell, then he would then sell as well. The group has gotten estimates for renovating the track and surrounded areas as well as lining up sponsors for races etc. The group doesn't have the capital to purchase the track but told the city of North Wilkesboro that if they could buy the track, they would then lease it from the city and do all the improvements. Well, Smitty said that he would sell his half for 12 million dollars. The city cannot and will not purchase the track for that price and says that it's not even anywhere close to being worth that. The tax value for the track is now down to just under 5 million. Smith bought his half of the track for 6 million and with the move of one of the dates to his Texas track, has certainly made that pay off. But it looks as though his insistance that the track "go back to dirt" is just what will probably happen.

I don't know how many of you have traveled along US421 that passes by the track, but it's very visible from the road, being only a few hundred feet back from the highway. Every time I go by it, I wonder what in the world Smith is wanting from the people of Wilkes County. Junior Johnson, who lives down the road not far, has tried to work something out with Smith in the past, but gave up on the idea several years ago. NW would not of course, ever field a race in the Cup series, and probably wouldn't even get a Busch or truck race, but many of the local running series as well as a few other national series are willing to race there. I guess control is something that Smith thrives on. It's a real shame that something can't be worked out with this man. At least the county is still getting the tax revenue from the track via Bruton Smith and Bob Bahre.
 
Damn shame what happened to this track, but like a lot of other tracks before it, its' time has come. Smith doesn't care about it, so i say tear it down and be done with it. It is an eye sore right now, just depresses me that something once so great can go by the wayside, but that is BIG BUSINESS for you.
 
I honestly sort of chuckle over all this fuss about some damned old race track.

How about places like Langhorne, Islip, Reading, Flemington, Danbury, Norwood Arena and a thousand others that hosted racing before anybody ever heard of North Wilkesboro?

It's simply another piece of real estate, nothing more nor less, that for a time hosted something called stockcar racing. The business outgrew the facility; it's time to sell the property and build another shopping mall or something.
 
luckily i got to go to a few races there before they shut it down...its a damn shame that track is just sitting there growing weeds....it can still be used for some form of racing.
 
It's not like the fans matter anyway....it's business, plain and simple. Letting the track rot is just another tax break for one more multi millionaire.
 
kat2220 said:
It's not like the fans matter anyway....it's business, plain and simple. Letting the track rot is just another tax break for one more multi millionaire.
Actually there are two owners of the track and they both PAY taxes on the property, so it isn't as though they are saving any money. I don't remember what the yearly tax bill is but it was in the news some time ago. Bruton was trying to get the value of the property down so that the taxes weren't so high, but he and Bahre were paying what they owed.

boB, down this way, racing is still very popular on the local front and we have tracks all over the place and another track would in deed draw plenty of people. NW is in an area that would draw from many areas and could be very successful, if given an shot. But in many ways, I certainly understand your position on the track. I think that the big deal with NW is just one more thing that many people have been complaining about since NASCAR began is growing spell, leaving this part of the country. The number of tracks here in the south that NASCAR has abandoned is staggering to me, and it's not like it will stop. How many times have we been told that Martinsville Speedway could lose a date? Also, NASCAR has in the past told Smith that he could move one of his Atlanta dates if he wants another date out in the west. Darlington could become another Rockingham and that would be just one more famous track dying. For those out west or up your direction that might gain a date it would be a boon and that is what Daytona is really wanting. New fans, in larger markets.
 
IMO, why waste the money reopening a useless track. NW is within 1 hours drive to Bristol and Martinsville, and a days drive to other Cup tracks. I dought if they opened the track back up, it would be successful. That area is to overpopulated with tracks.
 
IMO, why waste the money reopening a useless track. NW is within 1 hours drive to Bristol and Martinsville, and a days drive to other Cup tracks. I dought if they opened the track back up, it would be successful. That area is to overpopulated with tracks.

no its not...that track was open at the same time as all the other tracks in the area that you mentioned...in fact all the tracks in the "over populated" area you talked about were sucessfull, other tracks around the country wanted their dates and nascar wanted to spread the market, the stands have stayed full at all of these race tracks since they opened their gates for the first time. the stands filled up then and they would fill up again...the reason it was closed was because 2 owners wanted the date at other race tracks, not because it wasnt a sucessful race track.
 
North Wilkesboro was successful, up to a point. The point being, it was becoming stagnant in a "negative" market, meaning the saturation of races in the general area would not support growth of the sport. It was successful for the locals but not on a national level.
At the time North Wilkesboro was running there were three races within a one-hundred miles radius on consecutive weekends, a short break for one race out of the area before returning to Charlotte. Four races within seven weeks in the same area was not conducive to growth. The first and most logical track to be bought out was north Wilkesboro. The partners were getting on in years, one suffering from a terminal illness. That partner refused to sell to Bruton Smith, and that ought to tell fans of the sport something about Bruton Smith.
North Wilkesboro as a community and Wilkes County, had little to offer by way of accomodations and conveniences for teams, drivers or spectators.

The purchase of race dates from tracks with low ticket sales and saturated markets was inevitable causing the sale of Rockingham and one Darlington date.

One thing I wonder about is why the fans feel the need to bring the track back ?? It is owned by two corporations who are stripping it for tax deductions. These two men do not see eye to eye nor do they most likely care if racing returns there. If racing should return, it would be local level racing.
I wonder, do the fan organizers possibly think bringing the track back to life will return to the glory days of yesteryear ???? Or is it all just wishfull thinking ??

In the final analysis, North Wilkesboro, like Hillsborough and many others, will remain a memory to some and wishful thoughts of revival to others. North Wilkesboro will never be revived to the former glory.
The one thing left are the memories of the first and second turns going uphill and the third and fourth turns down. THe trickiness of the track and the famous battles that took place there. They are in the history books and will remain as long as NASCAR exists. North Wilkesboro is gone but the memories linger on.
 
Well said Wizz, just let the track be or rip it up, doesn't matter either way there will never be another Cup race there again.
 
Whizz, you're absolutely right. I don't know what those who are organizing this latest effort have in mind for it's future, but I do know that there have been several local racing groups who have expressed interest in racing there again. There's probably more nastalgia going on and wishing than anything else. However, I do ask why these guys won't sell the place just to get it out of their minds. Local racing can also be good for the community.
 
"TAX WRITEOFF"

Buck, sure they pay the local taxes, and take a pretty healthy deduction when they send in their 1040 to the IRS.Don't YOU deduct your local county, real estate, mortgage interest, etc when you file?
 
kat2220 said:
"TAX WRITEOFF" Buck, sure they pay the local taxes, and take a pretty healthy deduction when they send in their 1040 to the IRS. Don't YOU deduct your local county, real estate, mortgage interest, etc when you file?

There is a greater deduction than the property taxes thay pay. Having this track unused and falling into a state of disrepair is a large depreciation deduction. This deduction on the original purchase price is spread out for several years until it gets to a break-even point, at which time it is as sure as death and taxes, both Bahre and Smith will sell to the highest bidder with no strings attached.
North Wilkesboro Speedway most likely will wind up as a housing sub-division.
 
It seems to me that the city/county is missing the big picture. If a government entity can take someone's home and then turn the property over to developers to build highrises so that they city/county can collect higher taxes then why can't they do the same here. If it is a growing thriving business its tax base should be more than one that is closed. And, all they have to pay is the appraised price not what the owner demands.
Isn't eminent domain a wonderful thing... ;)
 
Now wouldn't that be just about the dumbest thing the city/county could do?

As it stands, they are collecting property taxes on something close to $5,000,000 from the current owners.

They take the property and lose that income, then they have to spend several million to bring the property up to code before they can even think of trying to find anyone with enough money to lease or buy the property and try to make a go of a 40,000 seat race track with less than top tier series racing.

Lots of smaller tracks around the country are in financial trouble and closing every year. Why would anyone want to even consider this place, which has so many other tracks around it, as an investment?

Makes absolutely no sense at all.
Ever hear of operating expenses, overhead, maintainance? None of those items come cheap.

Seems as if I read that the current owners have offered the track to the county and the county isn't interested. Not even in buying it with tax free bounds and the current owners willing to spend a million of their own money to make some of the needed improvements.

Lets bulldoze the damn thing, build a mall, a museum, a theme park or something, and have it over with.
It's not the only track that NASCAR outgrew and is almost certainly not going to be the last.

BP, as for the eminent domain taking the property for the appraised price; I believe the government has to pay what is considered fair and ecquitable. The current owners could keep eminent domain proceedings in the courts for a few years, if not longer, I would think.
These owners probably have access to more assets and legal advice than a rural town/county in North Carolina.
 
I'm not arguing for eminent domain. Actually in the case I cited I'm definitely against it. I'm not entirely sure how all of that would work where there is an interested party ready to move in and take ownership. The Palm Beach case is still up in the air as to what the city/county can do to these people who have lived in their homes for decades but now may lose them to a developer courtesy of eminent domain so the guv'mint can collect higher taxes.
 
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