Badlands speedway: Former owner plans to buy racetrack back
SIOUX FALLS, S.D. (AP) — Badlands Motor Speedway owner Chuck Brennan is extending the racetrack’s sale deadline so a former owner can purchase it back.
Brennan, a payday loan mogul, is threatening to bulldoze the racetrack in Brandon if the $6.3 million transaction doesn’t go through, the Argus Leader reported . A statement on the speedway’s website says no other offers are being accepted.
Badlands Motor Speedway ownership said it reached a deal with Steve Rubin, who owned and ran the racetrack with his family for nearly 30 years before its sale to Brennan in 2015. Rubin, his father and his brother bought the then-Huset’s Speedway in 1987.
Rubin sought up to 60 days to put together financing and an investor group, and the statement says the speedway will be demolished if the fundraising falls through. Brennan had previously said it would be torn down without a deal by the end of December.
“We are thrilled to see the Rubin Family back at the helm in Brandon at Huset’s Speedway,” according to the statement. “We are confident that Brandon, Race Fans, Race Teams and millions of others will enjoy the facility for another 28 years or more under the direction of Mr. Rubin and his family.”
Huset’s had races for more than 60 years before Brennan bought and renamed it. After South Dakota voters capped payday loan interest rates in 2016, Brennan has worked to liquidate his properties.
Information from: Argus Leader, http://www.argusleader.com