SELINSGROVE SPEEDWAY OFFICIALS DISCLOSE SALE INTENTIONS SELINSGROVE, Pa. -- Selinsgrove Speedway promoter Charlie Paige was notified by the Selinsgrove Fair Association, the governing body of the speedway, and the Dauntless Hook & Ladder Co.
SELINSGROVE SPEEDWAY OFFICIALS DISCLOSE SALE INTENTIONS
SELINSGROVE, Pa. -- Selinsgrove Speedway promoter Charlie Paige was notified by the Selinsgrove Fair Association, the governing body of the speedway, and the Dauntless Hook & Ladder Co. (DH&L), the majority stockholder, that the sale of the speedway property to a real estate developer may be finalized within weeks.
"There's been a lot of speculation and rumors about the future of the speedway," said Paige. "I was recently informed by the fair board and DH&L that an offer to buy the speedway property for development is on the table."
As of today, there is NO finalized sale agreement with any party.
Paige, who took over the lease of the track in 2001, was also informed that the terms of a sale agreement would allow him to continue speedway operations through 2010, when his current lease agreement ends.
According to Paige, Selinsgrove business owner and track sponsor Gus Shultz is leading an effort to form a corporation that may also submit an offer to buy the speedway property. The corporation's board of directors would consist of local business leaders interested in preserving the historical speedway, which is celebrating its 60th year in 2005.
"I'm supportive of Gus's efforts," said Paige. "Several key business people want to help the fire company get what they need for their expansion and at the same time save the speedway for future generations."
The track's first race occurred on Saturday, July 20, 1946. Bill Holland won the 20-lap inaugural event that day, and later went on to win the Indianapolis 500 in 1949. Selinsgrove Speedway started hosting weekly events in 1949 under promoter George "Buster" Keller.
The speedway ceased weekly racing programs from 1959-1962 but held special events throughout the year. Promoter Bob Richwine reopened the facility for weekly competition again in 1963. The 2005 season marks the 43rd consecutive year of automobile racing at the half-mile clay oval.