Wednesday, October 15, 2014

Rockingham Avoids Financial Receivership, New Deal Gives Hope For Track's Survival

Andy Hillenburg
Like a real-life Rocky Balboa, Andy Hillenburg refuses to stay down.

After spending the last seven years battling to revive the legendary Rockingham (NC) Speedway, the former ARCA racing champion has taken his share of lumps. Hillenburg and his partners returned NASCAR racing to The Rock in 2012, when the track hosted an event on the NASCAR Camping World Truck Series. The Trucks raced there again in late 2013, but a NASCAR K&N Pro Series East event scheduled for November of last year was cancelled, with the sanctioning body saying that the track “failed to meet its obligations.”

Since then, there has been little in the way of good news from the Richmond County oval. Until today.

Battered, bloodied, but unbowed, Hillenburg climbed off the canvas yet again this morning, confirming that after a hearing in Richmond County (NC) Superior Court, a new plan is in place to save the track from financial receivership.

Farmers and Merchants Bank of Salisbury, NC, had asked that the track be placed into receivership as a first-step toward seizing control of the facility and putting it up for auction. However, with the assistance of a group of advisors, Hillenburg has assembled a new business plan that he hopes will put the speedway back on solid financial ground.

 “We went in front of a judge recently and presented our proposal,” said Hillenburg. “We explained that we need 90 days to perform the necessary due diligence, and he issued a Bridge Order to continue the case until today. Now, he has approved our request, and the speedway will remain in our hands.”

Hillenburg declined to identify his new advisors by name, saying only, “They are not racers. They are businesspeople who know my reputation and work ethic, and see an opportunity to create new partnerships  that will prove beneficial to all parties, allow Rockingham Speedway to survive and prosper as a racing facility and produce critical economic development opportunities in Richmond County,”

Hillenburg revealed that those investors stepped forward only recently, saying, “When word (of the receivership hearing) got out a week or so ago, people began offering to help.”

Hillenburg and company – doing business as Rockingham Racing Park LLC – purchased the speedway in 2007 for $4 million. Court records say they owed $4,532,796.23 to F&M Bank as of August 8, 2014. The 244-acre site on which the speedway sits is valued at approximately $2.5 million. In recent years, Rockingham has served as a test venue for NASCAR’s three national racing series, hosted Hillenburg’s Fast Track High Performance Driving School and been featured in numerous scenes in the 2006 film Talladega Nights: The Ballad of Ricky Bobby.

Hillenburg stressed that the deal is not yet complete, saying, “Our request was for the procedings to be delayed, in order to allow us to assemble a new financial plan. We now have until Jan. 1, 2015 to finalize a workable financial plan with our new partners. Our goal is to return racing to The Rock, put the track on solid financial footing and continue to make a positive contribution to our community.”

18 comments:

  1. Anonymous9:52 AM

    he went on Shark tank didn't he lol

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  2. This is amazing news. I attended every Cup race at the Rock since the fall of '98, every ARCA race and both Truck races. My son's first race was the 2013 Truck race and he's now hooked. His favorite track..........THE ROCK! Go get'em Andy! #team364

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  3. Anonymous12:51 PM

    Hope it all works out.Loved going to the track,would like to see more racing there.Good luck to Andy.

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  4. What's the plan forward? I'm sitting here trying to envision what is going to save this track. Nascar gave it two Truck races and no one showed up, at least not enough to make it worthwhile. That means Nascar isn't coming back again. K&N draws lousy crowds despite the good racing and the track didn't have the money to pay the sanctioning fees for that. Nascar has banned testing next season so there isn't the opportunity to rent the track out to teams wanting to test. What's that leave? I wish Andy the best. I don't know the guy but he seems like a genuinely nice guy from the times I've heard him on your show. I wish him all the best but I just don't see where this ends well.

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    1. I believe the "no testing" rule applies to sanctioned tracks. Jack Roush built a .9 mile track on his property for testing cars. Rockingham is not sanctioned by NASCAR so it makes it a place to test.

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    2. canucken nails it. Hillinberg is legitimate and the effort for the track by him is clearly sincere. The reality is Rockingham is a victim of that the area's racing demographic has changed - it's not the racing hotbed it once was. It's a good track for the lower levels of racing - as canucken notes, the K&N series puts on good racing (they made Iowa look like old-school Michigan by racing four abreast up front) - but the demographic that once existed for it isn't there now.

      I don't know if that area can become a racing hotbed again. I'd like to think it can.

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    3. Adam T., the "no testing" rule applies to ALL tracks, sanctioned or not. Jack Roush has not built a .9 mile track on his property, and ever if he had, he cannot use it after Homestead. Rockingham is not sanctioned by NASCAR, but it is also not legal to test there. Other than that, you nailed it!

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    4. Anonymous3:37 PM

      Demos indeed have changed. When mills and furniture factories went full blast, there were plenty of fans to buy seats in the chicken bone grandstands and ultimately move up to higher priced tickets as their economic situation improved. Same thing happened in the northeast when the 1970 depression finished the steel industry and allied businesses. Like Moonshine runs and Junior Johnson, great memories but they're not returning.

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    5. Anonymous3:38 PM

      104

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  5. Anonymous7:25 PM

    I spoke to you dave and andy a couple of months ago on your radio show which i love. Im a member of the garden state vintage stock car club and own to vintage stock cars.i ask andy about a vintage meet that was supposed to happen at the rock. I also asked what was your take on vintage racing and you said you loved to see the old coupes and coaches on the race track. I hope every thing works out for andy and the rock. It would be my honor and privilege to bring my coach and coupe down from staten island new York and race them at the rock. Good luck andy and the rock. Barker racing.

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  6. Anonymous8:23 PM

    Go gettem Andy u was the only one that made a go if it. I went to the ARCA and Trucks and they were great shows. Hope it all works out for u.

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  7. Great track and Andy is passionate about it. Best wishes for success.

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  8. Anonymous9:48 AM

    Wishing Andy the best!!! I love the Rock and am a member of Andy's Team 364.

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  9. Anonymous9:53 AM

    Guys, not only do I fear for the Rock, but for several other tracks as well. At my age I can't get to nearly as many races as I used to so I, like a lot of you, am relegated to watching on TV. Most Sundays I am appalled at how many empty seats I can see. Tracks like Dover, Richmond and even Bristol, just are not drawing the crowds any longer. I don't know what the break even point is for race attendance but at some point the promoters have got to take a second look.

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    1. For tracks like Dover, Richmond, and Bristol, the audiences have shrunk but they still appear to be strong.

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  10. Pierre Bourque6:01 PM

    Go Andy Go !!

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  11. Anonymous6:28 AM

    My first race was there in 1987 me and my dad flew from Asheville and landed on the drag strip been hooked since,been going since also.don't give up hope he's doing what he knows how to do. Pulling for you Andy go and get it!

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  12. Even we at Adair Argo Sales provide 14.5" Rubber Belted Pro Series Tracks designed for 10" and 12" wide tires. Such tires do not require the use of wheel spacers. 14-12 for tires such as the 25x12x9 Rawhide III or 25x12x9 Argo tire made by Carlisle.

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