Fate of Cleveland Speedway Hangs In The Balance

Reported by: James Mahon
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Updated: 1/09 7:15 pm
CLEVELAND, TN, (WDEF)-After nearly 60 years of racing Cleveland Speedway's future is looking more and more uncertain.

"We don't have a really good feeling that anybody is going to come forward and offer enough money to buy it and continue to operate it as a speedway"

Lawyers say a 1 million dollar offer from Developer Marcus Lyons represented in court today by Ellie Hill has since been retracted but Jerry Farinash Trustee for the speedway argues differently.

"Hearing over whether or not the court was going to sell as Mr Lyons had offered or whether or not Mr Lyons had withdrawn his offer"

Farinash said he is conscious of the history surrounding the venue and it's role to the local economy but says he has a job to do.

"My choices are that I pay creditors more money and it's not a speedway then that's the choice I have to make"

David Johnson's family ran the track for more than four decades and is fearful for its future.

"If you don't use it you lose it, the fact is that if the stands go down they get in disarray, you lose your fan base in a way, it gets out that it's closed people will go to other facilities"

Johnson says at least half a million dollars is needed to improve the facility as it is but if it were to remain closed that figure could rise to a lot more.

"It's difficult to recover right now but it would be harder to recover if it goes through one season as not being maintained a race track itself"

Lawyers for the track say at one stage there was interest from four different parties.
     However With the season starting in a matter of months one bidder has turned their attention to another track and pulled out altogether.

February 27th will be the next date the track will be discussed in bankruptcy court.

Thousands of supporters have campaigned and protested online and outside the venue since Fall of 2013.

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