Kruger Resigns -- Deery Named CEO -- As DIRT Strengthens Finances Norman, OK -- May 19, 2006 -- DIRT MotorSports announced today the resignation of Paul Kruger and the appointment of Tom Deery to the top spot in the company as acting CEO. Deery...
Kruger Resigns -- Deery Named CEO -- As DIRT Strengthens Finances
Norman, OK -- May 19, 2006 -- DIRT MotorSports announced today the resignation of Paul Kruger and the appointment of Tom Deery to the top spot in the company as acting CEO. Deery also serves as the President of the company, which includes the World of Outlaws Sprint Series, the World of Outlaws Late Model Series and the Advance Auto Parts Modified Super DIRT Series as well as the DIRT NorthEast regional series, the UMP late model and modified series and the MARS late model series.
In addition, the investment group that helped to launch DIRT MotorSports less than three years ago has demonstrated its confidence in the new management team, which also includes Chief Financial Officer Brian Carter, Chief Marketing Officer Rob Butcher and Executive VP of Operations Ben Geisler, by providing the company with the funds necessary to eliminate all company debt (other than mortgages on two of its seven racetracks) and the financial resources necessary to reach the company's long- and short-term goals.
"We have an incredible company with the most recognized brands in dirt racing," said Deery, who grew up helping his family operate short tracks before setting off on a long and respected career in motorsports. "This is a world-class racing and sports entertainment company. This transaction will allow us to advance our business plan, ultimately increasing the exposure, awareness and consistency of dirt racing across the country for our fans, promoters, team owners and drivers."
"Through this series of transactions, the largest in the company's history, we have been able to eliminate our outstanding debt, largely connected to the purchase of the World of Outlaws, UMP, the Advance Auto Parts Super DIRT Series and our tracks in the northeast," Carter said. "In short, we are only left with the mortgages on a couple of tracks which are no different than a mortgage on a home, we make payments just like everyone else. We have spent a lot of time over the past several months with our existing and new investors to complete this transaction and are very pleased to have all of the pieces in place. We have a group of investors that each own a piece of the company, all of which are committed to DIRT and excited to be involved in dirt racing."
While the spotlight often is on DIRT MotorSports' national touring series, Deery is committed to supporting and growing the weekly and regional classes to create a strong backbone for the future of dirt track racing.
"The strength of dirt racing depends on the fans and drivers that compete all across the country every Friday and Saturday night," Deery said. "We will continue to support those involved week in and week out while at the same time making certain the World of Outlaws Sprint Series, the World of Outlaws Late Model Series and the Advance Auto Parts Super DIRT Series remain the premiere traveling series in dirt track racing.
"Keeping our series at such a high level nowadays means bringing a complete event experience, which will ensure that fans are receiving the full value of their ticket. Having our group of investors behind us 100 percent will allow us to go forward with a clean slate and do everything possible to deliver the best event to the fans."