Irwindale Speedway LLC filed for Chapter 7 bankruptcy on Monday, the same day track management announced that it was canceling the race schedule for 2012.
In paperwork filed with the U.S. Bankruptcy Court, Central District California, Irwindale Speedway LLC owes creditors $331,773.11. One of the creditors is Cantrell Aire Inc. in Santa Clarita. Irwindale Speedway LLC owes $1,379 to Cantrell Aire, which is owned by Jim Cantrell, whose son Connor Cantrell won the NASCAR Super Trucks championship at the track in 2011.
Irwindale Speedway LLC leased the track and offices from a company called Nu-Way Industries Inc. in Arcadia. Jim Mnoian, the president of Nu-Way Industries Inc., said he would like to find a company or group to take over racing operations at the track and resume racing as soon as possible.
He has been in talks with city of Irwindale officials, who also would like to see racing return to Irwindale Speedway. Irwindale Speedway LLC had a 33-year initial lease with two 10-year options with Nu-Way Industries Inc., Mnoian said. Bankruptcy court papers show that Irwindale Speedway LLC owes Nu-Way Industries $55,000 in rent. Mnoian said in an exclusive interview that Irwindale Speedway is not behind in its rent.
“Just a few months back,” Mnoian said. “That was not the case.” Mnoian also said the Irwindale Speedway management team was actively seeking a partner. “OnThursday, that’s what we were told. They were looking for a partner.”
Mnoian said he had no idea Irwindale Speedway LLC was going to file for Chapter 7 bankruptcy on Monday.
“I thought Jim Williams was above that,” Mnoian said. When asked if $330,000, the estimated amount Irwindale Speedway declared it owed to its creditors in the bankruptcy paperwork filed on Monday, was a lot for Williams and his management group, Mnoian said, “Not for someone of his means.”
Williams is the majority shareholder in Irwindale Speedway LLC.
Mnoian said he would like to see another company come in and take over the racing operations of the track.
“We wanted to re-lease the site or sell it,” Mnoian said. “Our company’s intention is to find a new tenant.
“We want an operator who has experience operating a track and take it over. The people who were running it didn’t have the experience and didn’t find anyone with experience in 15 years. Anyone is better than what they had.”
Phone messages left for Irwindale Speedway vice president and general manager Bob DeFazio were not returned.