Utah Motorsports Campus, whose bid to buy the former Miller Motorsports Park has been set aside by a court, nonetheless will manage the facility for the time being.
Utah Motorsports Campus, whose bid to buy the former Miller Motorsports Park has been set aside by a court, nonetheless will manage the facility for the time being.
The company, also known as UMC and a division of Mitime Utah Investment LLC, has signed a one-year contract with Tooele County to manage the 511-acre facility in Tooele — although it can be terminated by either party with 60 days’ notice — while the process of selling the facility continues.
The Tooele County Commission had selected UMC last August to buy the park, but Center Point Management of Wyoming sued in September, contending that its bid was higher than UMC’s $20 million bid. Third District Court Judge Robert Atkins on Dec. 17 set aside the sale on the basis that the county had knowingly sold the property below market value, which is illegal in the sale of public property. Atkins said the county had taxed the facility at a rate valued at about $28.1 million.
At the time of the ruling, UMC said, it had readied itself to operate the facility, hiring staffers — mostly former facility employees — and scheduling events for this year’s racing season.
The one-year contract allows UMC to operate the facility while the sale is restarted and completed, as directed by the court. The contract automatically terminates when the sale is completed.
“We are honored that Tooele County has placed their trust in us to operate and maintain the Miller Motorsports Park property while the sales process takes place,” Alan Wilson, president of Mitime Utah Investment LLC and Utah Motorsports Campus, said in a news release announcing the management contract.
“We had already been, and remain, prepared to operate the facility, effective immediately. We agree with the county that it is imperative the racetrack remain open and operable during this time. Racetracks are required to plan their annual events many months in advance, and we already have contracts in place for the 2016 season. We will be announcing our 2016 schedule of events in the near future.”
“Tooele County is confident in our choice,” said Tooele County Commissioner Shawn Milne. “This interim solution provides the greatest assurance of a successful 2016 season and a positive impact to our local community.”
Milne said the commission has always been motivated by the preservation of local jobs and the continuation of the facility as a world-class racing venue.
The facility’s future was jeopardized last May when the LHM Group of Companies announced it would not renew its ground lease for the park after the 2015 season. Last summer’s action by the county was to have Mitime Investment and Development Group — a subsidiary of Geely Group of Companies and the Chinese-based parent company of Utah Motorsports Campus — acquire the facility. Mitime is a Chinese auto manufacturer.
The original sales agreement contained plans for facility expansion, including construction of an oval racetrack, a hotel and a facility to build racecars for the Chinese market.
The management contract calls for UMC to operate the facility as it had before, continuing racing events, track rentals and corporate and group events. It will also allow garage tenants and their various businesses to remain intact.
After the Dec. 17 court ruling, the county said it will issue a public notice to again accept bids for the property and added that it will accept the highest cash offer.
Wilson has said Mitime still wants to purchase the property and that he expects Center Point Management also to bid.