Tuesday, October 20, 2015
JUPITER FL - IRG Sports + Entertainment™ (IRGSE) has announced that the construction of a 3/10-mile dirt track at Memphis International Raceway™ (MIR) has been cancelled. The project was announced earlier this year with a scheduled opening date of Summer 2015.
IRGSE reviewed the updated projected costs and the performance of the proposed dirt track investment and determined the return on investment wasn't sufficient enough to warrant the increased cost necessary to build the facility. The updated financial commitment to build the new dirt track at MIR tripled compared to the initial projections.
"We had hoped that the dirt track would be a viable option but based on examining the best use of capital for future return, it was determined that the project should be cancelled," stated IRGSE CFO Louis F. Partenza. "Looking ahead, IRGSE will continue to enhance the fan and racer experience by investing into our current properties with facility upgrades and the addition of new events."
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