The Utah Motorsports Campus has been sold to Mitime Utah Investment LLC for nearly $18.5 million.

The company had already been managing the facility previously known as the Miller Motorsports Park for the past several years and will now fully control it.

“We are thrilled to finally consummate this agreement to purchase Utah Motorsports Campus,” said William Lee, vice president of Mitime. “This facility is a perfect fit with our company’s other enterprises, and we are looking forward to making it bigger and better in the future.

“We very much appreciate the efforts of Tooele County to make this effort come to fruition, and we are humbled by the outstanding support we have received from the people of Utah since we began operating the facility.”

“We are really excited about the future of UMC, and we have significant plans for the facility,” said Willem Geyer, CEO of UMC. “We are studying the viability of adding various racetracks, entertainment venues and supporting infrastructure that will not only solidify our position as one of Utah’s major entertainment facilities but also ensure that UMC will be a profitable venture for the first time in its history.”

Miller Motorsports Park opened in 2006 to much fanfare as a world-class motorsports facility but was also a significant drain for the Larry H. Miller Group and lost money from the onset.

Mitime is a subsidiary of the Geely Holding Group of China, a publicly traded company on the Hong Kong Stock Exchange that is currently ranked 267 on the Fortune Global 500 list. Geely Motors is the largest private automobile manufacturer in China.

In addition to its own Geely-branded cars, the company also owns the Volvo, Polestar, Proton, Lotus, Lynk & Co and London Taxi Cab brands, as well as the Terrafugia flying car brand. The company holds manufacturing plants in China, the United States, England, Sweden, Belgium, Belarus, Australia and Malaysia.

Geely is also the largest private shareholder of stock in Daimler, the parent company of Mercedes-Benz. It plans to build at least 10 similar-size tracks in China. The first such track, Ningbo Int’l Circuit, opened in 2017, and the second is currently under construction.

Geely also owns and operates the FIA Chinese Formula 4 Championship and is preparing to launch an entry in the FIA World Touring Car Championship under the Lynk & Co banner.

The Utah Motorsports Campus has hosted many of the top motorsports events in the world, including the FIM Superbike World Championship, American Le Mans Series, Grand-Am Road Racing Championship, Pirelli World Challenge, MotoAmerica Superbike Championship, Lucas Oil Pro Motocross Championship, Lucas Oil Off Road Racing Series, NASCAR K&N Pro Series West, AMA Supermoto Championship, the American Historic Racing Motorcycle Association and Stars of Karting.

Current leases with tenants, promoters and sanctioning bodies may be subject to changes in 2019.

Source: Autoweek

November 5, 2018