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Thread: Miller to be bought by Chinese Company...*Updated info on post #17

  1. #1
    Gold Member madvlad's Avatar
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    Miller to be bought by Chinese Company...*Updated info on post #17

    Not sure if this is good news or bad news... I'm getting some bad juju from all of this...

    http://kutv.com/news/local/sources-c...torsports-park
    Last edited by madvlad; Wed Aug 19th, 2015 at 04:17 AM.
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  2. #2
    Senior Member WolFeYeZ's Avatar
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    Re: Miller to be bought by Chinese Company...

    Yea... that does not sound good. Its not final yet though it seems.
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  3. #3

    Re: Miller to be bought by Chinese Company...

    I know Rybo is going to the meeting tomorrow, so I'll wait until that happens. I have a hard time believing several things about that article, but we will see tomorrow.
    Blair
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  4. #4
    Gold Member madvlad's Avatar
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    Re: Miller to be bought by Chinese Company...

    Shane Turpin posted it and he's very involved out there so there's gotta be some truth to it. Sure hope it's for a good move and not bs like "oh let's close it and build bullshit" lol... Yea sure I've never been to Miller and blah blah blah but what should I care right? I do though cause it's an iconic track and would hate to see it close
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  5. #5

    Re: Miller to be bought by Chinese Company...

    I saw that link posted several places yesterday, but I'm still somewhat suspicious of the content. If you take that article at face value Tooele is taking less money from someone who plans to do less with it. I've heard / seen several times that in previous meetings with Tooele County they have been quite interested in keeping it functioning as a racing facility (example: http://www.roadracingworld.com/news/...orsports-park/ ).

    Like I said before, we'll know more after the meeting taking place this evening. Obviously I'm hoping that it continues operation as a premier racing facility.
    Blair
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  6. #6
    Gold Member asp_125's Avatar
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    Re: Miller to be bought by Chinese Company...

    Hopefully more will come to light after the meetings. I'd have a hard time pronouncing "MiRRerMotorsport Park"
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  7. #7
    Gold Member madvlad's Avatar
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    Re: Miller to be bought by Chinese Company...

    And I sure hope they don't sell to them cause man that'd suck. Miller needs to stay as an iconic race track and make it better
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  8. #8
    Gold Member salsashark's Avatar
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    Re: Miller to be bought by Chinese Company...

    Caring about its iconic status doesn't pay the bills... Major sponsors, crowd attendance, and advertisers pay. If you can't get that, scrape it and build a mini mall...


    Do not put off living the life you dream of. Next year may never come. If we are always waiting for something to change...
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  9. #9
    Gold Member madvlad's Avatar
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    Re: Miller to be bought by Chinese Company...

    Let China buy out all tracks and build malls I'm sure Nascar will have its glory day then
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  10. #10
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    Re: Miller to be bought by Chinese Company...

    Hi everyone -

    A few points to make:

    1) I've been involved with almost all of the county meeting on this subject since the announcement was made. I've been impressed by the county Commission and their professionalism in the matter of the sale of the property.

    2) As a club we (The USBA) have articulated to the commission and the public our desire to see the facility remain open as a racing facility that's available to the public for use. I believe that the request has been heard by the Commissioners and that they are acting in the best interest of the facility and our community in making their decision.

    3) The Chineese company that's named is an auto and motorcycle manufacturer with eyes on fielding a Moto3 team in 2017. They are also buying / building several other racing facilities around the world - if this news report is accurate in who the buyer is, then I'm encouraged, not discouraged.

    4) I don't believe that they have the "manufacturing facility" portion of this report right. It would be the very first case that I'm aware of where a Chinese firm is outsourcing manufacturing to a US location. That flat out doesn't make sense to me. It also doesn't make sense that they are going to mothball the track facility to build something else. That would require a bunch of extra capital expense to tear down what's already here to build something new. There is tons (literally thousands of acres) of other property around the facility that you wouldn't have to demolish anything to get to bare earth if you were trying to accomplish that goal.

    I'll write and post a report here tomorrow on what we learn tonight, but all indications at this time are that this is a good fit for the facility and the community.

  11. #11
    Senior Member WolFeYeZ's Avatar
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    Re: Miller to be bought by Chinese Company...

    Quote Originally Posted by rybo View Post
    3) The Chineese company that's named is an auto and motorcycle manufacturer with eyes on fielding a Moto3 team in 2017. They are also buying / building several other racing facilities around the world - if this news report is accurate in who the buyer is, then I'm encouraged, not discouraged.
    This sounds amazing. I hope it is true... #WolfeyezInMoto32017Please
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  12. #12
    Gold Member madvlad's Avatar
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    Re: Miller to be bought by Chinese Company...

    Thanks for the information Rybo, definitely will keep my eye close to this evolving deal. It'd be nice to see the tracks here grow and make way for future generations of racers
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  13. #13
    Gold Member salsashark's Avatar
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    Re: Miller to be bought by Chinese Company...

    Quote Originally Posted by madvlad View Post
    Let China buy out all tracks and build malls I'm sure Nascar will have its glory day then
    I forgot to include the sarcasmo smiley... But, truth is, if it's not profitable, it has to change... Much to the chagrin of everyone who loves the track.


    Quote Originally Posted by Rybo
    Awesome insider Rybo stuffs
    Thank you! good stuff... very encouraging.


    Quote Originally Posted by madvlad View Post
    Thanks for the information Rybo, definitely will keep my eye close to this evolving deal. It'd be nice to see the tracks here grow and make way for future generations of racers
    Now that's something we can both agree on!


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  14. #14
    Senior Member tecknojoe's Avatar
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    Re: Miller to be bought by Chinese Company...

    Way to represent Rybo, glad you're involved.

    #703

  15. #15
    Senior Member WolFeYeZ's Avatar
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    Re: Miller to be bought by Chinese Company...

    MRA Expert #880 - 2015 AmateurGTO Champion, 2013 NoviceGTU Champion
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  16. #16

    Re: Miller to be bought by Chinese Company...

    Several good write ups on facebook, Rybo, Ignite Media Productions, etc. Sounds much better than the article.
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  17. #17
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    Re: Miller to be bought by Chinese Company...

    Hi all - This is what I've posted on Facebook about the meeting this evening.




    Good evening everyone - thanks for your patience as we are getting home from the Tooele County Commission Meeting.
    As was anticipated an announcement was made regarding the future of the Motorsports Park. Also, as reported yesterday, the selected buyer is a Chinese vehicle manufacturer. The company name is Mitime, which is a subsidiary of the Geely Motor Company.
    Geely is best known in the U.S. for their ownership of Volvo. Miller is one of two major U.S. investments that Geely is making, the other being a Volvo manufacturing plant in South Carolina.
    We're all familiar with the phrase "Win on Sunday, sell on Monday" and it is this philosophy that Geely is attempting to employ in China. The genesis of this transaction exists with Geely beginning construction of 5 new motorsports facilities in China. In the process of their education about motorsports they visited several U.S. facilities, including Barber, Laguna, Daytona and Miller. In the process of their tours earlier this year they learned that Miller was for sale and began the process of making a proposal to purchase it.
    There were a number of business plan objectives discussed in the meeting tonight, and I'm not going to cover all of them here. You can catch Twitter feed of the meeting on their Twitter page Ignite Media Productions @ignitemediatv
    Important take aways:
    1) Mitime is going to continue the operation of the track as we've known it for the foreseeable future. Grass roots motorsports racing is a critical component in their business plan.
    2) Alan Wilson, who designed the Miller Track, will be the track General Manger under Mitime's ownership
    3) One of the strategies that Mitime is employing is using MMP as a "training facility" for their future track operators in China. Using the existing experience in operations as an "internship" like program for their overseas employees. This will operate a bit like an "exchange program" as Miller managers will travel to China to assist those facilities in getting up to speed as they open.
    4) The rumor of manufacturing on the site is founded, but what they are talking about is low volume, specialized manufacturing of racing cars for export to the Chinese market. Things like Legends cars and Hillclimb trucks built with metric fasteners to be serviceable in the Chinese market.
    5) The purchase price for the facility is $20M with a commitment of $6M-$8M more in the first year of ownership in capital improvements. One of these improvements will be an onsite hotel / center for housing the exchange workers. Other funds will be allocated to bring the track up to the current FIA / FIM standards for international racing. This is an all cash transaction - no bond, no financing, no delayed payments. Mitime plans to complete the transaction between October 31 and Jan 1 with payment due at the time of closing.
    Overall I left the meeting more optimistic than I went in. The plans that were articulated are ambitious to be sure, but even if 50% of those come to fruition it will be a terrific win for the facility and our community.
    The USBA would like to thank everyone from our community that arrived to assure that our voice was heard in the process of the sale. The motorsports community comprised a large portion of the audience.
    Furthermore the Tooele County Commission deserves recognition for their handling of the sale. There are for sure people with questions about the bidding process, the sale price and the ability of the winning bidder to live up to their end of the deal. That being said I'm convinced that the Commissioners did their due diligence to select a solid partner for the motorsports facility well into the future.

  18. #18
    Senior Member Moderator Gramps's Avatar
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    Re: Miller to be bought by Chinese Company...*Updated info on post #17

    Thanks for the update!
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    Re: Miller to be bought by Chinese Company...*Updated info on post #17

    Thanks for keeping us apprised, Scott. I'll be overjoyed if WSBK returns to Miller, and I'd be over the frigging moon if they are able to land a contract with MotoGP. I know those are some high hopes, but some people say that I'm a dreamer.

  20. #20
    Gold Member asp_125's Avatar
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    Re: Miller to be bought by Chinese Company...*Updated info on post #17

    WSBK & MotoGP would be a sport rider's wet dream! Even if those don't come to fruition, it looks like better chances for locals to continue to have our series and track days.
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  21. #21

    Re: Miller to be bought by Chinese Company...*Updated info on post #17

    Thanks for the info Rybo! Glad you feel the future of the track is positive!
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