September 25, 2002

I set out to write a piece about how and why a race track becomes the victim of monetary crisis but, fell into another story line all together. International Speedway Corp(ISC) owned in part by the France family whom control NASCAR made public their plans to build a new track at the Meadowlands in New Jersey this past week.

The location of the proposed track is currently known to be on a 104 acre parcel now doing business as Continental Airlines Arena. This facility is home to the New Jersey Nets as well as the Jersey Devils a regional hockey team. Both teams plan a new venue in Newark but, as of yet do not have a firm commitment for that project.

The ISC has made it clear that the $1.5 billion proposed project will require additional funding to complete the racing venue which would be known as “Sports City America.”

From what we have been able to uncover, the portion of the country in question (New York) and the local Democratic Party there weighs in heavily against the ISC and the idea of NASCAR in general. Leonard Kaiser noted member of the committee that will determine the finalists for the 104 acre tract development has five other proposals before him to consider. Among other ideas for the land is a proposal from Mario Andretti and Paul Newman to build “Liberty Speedway and Family Theme Park” which boasts a 1.35 mile racetrack, a 22 story hotel, a racing theme park, and a monorail that will connect the complex to the New Jersey rail system.

ISC also comes to town with a heavy hitter of their own in Donald Trump whom was hired to serve as a consultant (I begged for the job) on the project. The sanctioning body for Winston Cup racing stated that it wanted to bring the sport to a major market such as what is present in the New York area and considers this location a future jewel in the crown of NASCAR.

The proposal of a new track sounds exciting with exception to this idea. Where will the schedule be trimmed to make this a success for NASCAR? The current schedule of Winston Cup events is maxed and we currently have tracks setting vacant waiting to obtain the green light to go racing. I can’t even see how NASCAR can work with the Kentucky Speedway for example in an effort to get an event date much less shift dates to make this bigger dream a reality.

One of the biggest problems that the Democratic Party in the local New Jersey area has with NASCAR moving in is this. When the ISC built the Kansas Speedway local officials there made available some $150 million in cash, tax breaks, and bonds to build the track which was estimated at $224 million. Loretta Weinberg, Assemblywoman in New Jersey stated that “Residents here are not enthralled with the idea of a racetrack.”

A venue such as what is proposed will absolutely require two NASCAR dates to survive. In the past few years we have seen companies become too big for their britches and eventually bite off more than they could ever hope to digest. Donald Trump comes to mind with Trump towers which sent the Donald spinning in a downward spiral of financial (temporary) defeat.

Has the ISC lost all touch with reality with this proposed plan for expansion? If this deal comes to pass and then fails due to monetary concern will the ISC and NASCAR be left in financial ruin? Where will the future of the sport be if such a risk is taken and then ends in financial fiasco? Why do we need another track when we can’t book the ones that we have now?

Well I promised myself that I wouldn’t blow a gasket over this article but am leaking badly at this point to say the least. The bottom line here is that, if this project were to fail at any time it will have a huge trickle down effect on the sport as a whole. The ISC owns 12 tracks at this point and those monies are co-mingled together in a corporation. I am starting to see a future that does not look so bright, if and when the bricks start falling from the ISC Empire.

Let’s “run what we brung” and leave the pipe dreams to Cheech and Chong. This type of conservative reasoning is an idea that can succeed in today’s uncertain economic climate of investment. I say let Paul Newman build it and when it fails maybe NASCAR can pick it up cheap at the foreclosure sale, save some bucks and, look like a hero to the New York population.

You can contact Joe at: Insider Racing News