Logo courtesy Irwindale Speedway PR
Now the owners have come forth to give up some pertinent information about the race track.
Irwindale Speedway, the fabulous half-mile oval on the eastern fringes of Los Angeles is owned by an entity named Nu-Way Industries.
Nu-Way owns the land, the race track and the equipment to operate the track, all of which was leased to Irwindale Speedway LLC which, on February 13 of this year, filed for protection from creditors under Chapter 7 of the bankruptcy code.
Nu-Way Industries is seeking a buyer for the compete facility, even though the courts control the property during the course of this Chapter 7 bankruptcy filing. There will be a hearing in the near future to return the entire property to the owner's control, Nu-Way told us.
There have been questions about the land underneath the Speedway and all ancillary areas. Nu-Way said the entire area was a sand and gravel mining site--much like its neighbors. After materials extraction, it became a mining reclamation project. The site can't be mined and was not built over a potential mining site, contrary to published reports.
In this area of California, there are sets of extremely strict rules as to how this sort of property can be used and developed--these edicts have been carefully followed by Nu-Way. The City of Irwindale approved use of this property as a swap meet in 1993 and in 1997 it approved its use as Irwindale Speedway. The track opened in 1999 and has hosted both NASCAR and USAC series on a regular basis. It also welcomed Formula D for the drift series' season finales.
There were reports that the Turn 1 grandstands abutting the garage area had been dismantled about the time the Speedway's operators announced cessation of racing for the 2012 season. This is correct. Those stands were temporary, portable bleachers--and sure felt like it--that had been rented from another company who came to claim their property in due haste.
Once the hearing has been held to determine control of the Irwindale Speedway property, we'll have a further report.