What is there to say when you hear of anything being bought by private equity (PE) but, "Please, not again. When will it stop?". Maybe we just hear the bad stories about PE buying an asset, scalping it, and selling it off for parts once it's maximized a relatively short-term return on investment. Now, we're facing a tough question: will Willow Springs International Raceway be another one of those bad stories?
As reported by The Drive, a Boston-based investment firm, that specializes in commercial real estate, confirmed that it's in the closing stages of purchasing the track, including all the 600 acres that are included in the. So, once the deal goes through, the iconic Big Willow and Streets, along with the five other tracks on the property will be under the ownership of the real estate investment firm.
A statement from the firm reads, "While CrossHarbor Capital can not provide details on acquisitions before they are complete, we can confirm that a deal is pending and the team is excited to preserve the legacy and enthusiast access to one of America’s most iconic racing facilities while also setting up the property for growth and success in the future. More details will be released soon,”
