Potential Milwaukee Mile Promoter Historic Mile Unveiled
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Historic Mile Facing Short Timeline To Reach
Deal For IRL To Return To Track In '10 |
Historic Mile LLC, the group that Friday signed a letter of intent with the Wisconsin State Fair Park Board (WSFPB) for a license agreement to promote races at the Milwaukee Mile, is "long on hope but short on time and details" in its effort to try to "save big-time racing" at the track, according to Dave Kallmann of the MILWAUKEE JOURNAL SENTINEL. Historic Mile Partner Tony Machi said, "We have the opportunity to move ahead and do some really important things with the track in the future and make some changes that will allow us to continue long into the future." The group, which was unveiled at a press conference yesterday, also includes former Milwaukee Mile GM & COO Steve Jones and former IRL team Beaudoin Racing Owner Jim Beaudoin. Beaudoin said that the three "have been working with other local investors and a venture capital group," but he "declined to name any of them." The group's license agreement with the WSFPB means it "can negotiate on behalf of the track but must demonstrate to the board that it has the financial means and the business ability to fund operations at the Mile, including sanction fees, license fees and overhead expenses." Historic Mile "would inherit more than $2[M] in bills due to NASCAR, the Indy Racing League and vendors, debt generated by" former track promoter Wisconsin Motorsports. Machi acknowledged that the debt is the "biggest hurdle the group faces," but added that it "isn't insurmountable." Meanwhile, Jones said that the group has "no more than three weeks to strike a deal with the Indy Racing League for 2010 and maybe another week beyond that to work with NASCAR on keeping the Nationwide and Camping World Truck series races." Jones also said that work "has been under way for nine months to bring 'two other large spectator events' to the Mile in 2010" (MILWAUKEE JOURNAL SENTINEL, 8/4).
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