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Old 07-20-2009, 01:54 PM   #1
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A Louisiana Racetrack for $6.75 Million

Business for Sale: A Louisiana Racetrack for $6.75 Million

By: Ryan McCarthyPublished March 2009
Buzz up!



Pat Joffrion spent two years and much of his life's savings turning a large tract of Louisiana sugar cane, 30 miles outside of Baton Rouge, into the No Problem Raceway Park. Opened in 2001, the raceway has two amateur racetracks: a 4,000-foot drag strip and a 1.8-mile winding racecourse.

Previously, Joffrion successfully transformed an empty commercial lot into an unlikely assortment of businesses: sandlot volleyball courts, a tanning salon, and a drive-through window serving, of all things, frozen daiquiris.

The raceway draws about 5,000 spectators per event. More than a third of the tracks' $1.56 million in revenue comes from amateur contestant fees, which are about $40 per driver. Saturday-night Midnight Madness events are especially popular with younger racers, who challenge friends to drag races and "drifting" contests, in which drivers intentionally spin out at high speed. "We race everything from grocery getters to Porsches," says Joffrion, a former accountant.

Joffrion, 56, says "it's time to slow down." Well, almost. In the past year, he has added a $200,000 1,500-seat grandstand and has begun work on a concert pavilion in the hopes of attracting big-name bands.

The Asking Price:
$6.75 million, including 179 acres, two racetracks, two garages for up to 26 cars, control towers, concession stands, a sports bar, a fire truck, and an ambulance. Joffrion says he is willing to finance a portion of the sale.

Price Rationale:
The asking price includes $2 million worth of real estate. Joffrion says he has spent $6.8 million in improvements. Because of the nature of the business, there is no valuation rule of thumb. The owner is basing the asking price on what he believes is a fair price for a buyer looking for a reasonable rate of return.

The Pros:
Earnings are up an average of 10 percent per year since 2005. The business comes with enough land to expand the racetracks and other facilities.

The Cons:
Much of the raceway's value lies in the improvements the owner has made to the site. To properly evaluate the price, a buyer will have to scrutinize the value of those improvements and assess the potential for expansion. Though the business appears so far unscathed by the recession, attendance may dip if the economy worsens.

The Bottom Line:
The raceway is priced below what it would cost to acquire the land and build from scratch. "Even if the owner's appraisals are a bit off," says Tom West, author of the Business Reference Guide, "this could end up being a very good buy."
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Old 07-20-2009, 01:59 PM   #2
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Race Track For Sale
Location: United States -> Texas -> San Antonio -> San Antonio
Industry: Auto Related > Other Auto Related

Business Summary

Former San Antonio Speedway and 30 acres Oval one half mile paved race track with grandstands and track area intact. Closed in 2007. Surrounding 250 acres available. Across the highway from Toyota Manufacturing plant. Nearby new Union Pacific Railway, new Texas A&M college. Growing Area. San Antonio, Texas. Great investment opportunity. Contact for more information on this Race Track for sale.

Financials

Asking Price Range: $10.0M - $20.0M
Gross Revenues: Seller Will Provide
Cash Flow: Seller Will Provide
Cash Flow Type: Sellers Discretionary Cash
Seller Financing: Not Disclosed

About The Business

Year Established: 1977
Number of Employees: 1 - 3
Relocatable: Not Disclosed
Franchise: Not Disclosed
Current Real Estate: Owned
Property: Property For Not Applicable
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Old 07-20-2009, 02:05 PM   #3
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I've been to No Problem Raceway tons of times when I live in La.

Good times.

Wish I could hit the lottery or something.
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Old 07-20-2009, 02:05 PM   #4
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GrandSport is for sale for alot less....


anyone interested, PM me.
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Old 07-20-2009, 02:14 PM   #5
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that racetrack in louisiana seems like a steal! compared to a weak a## oval track for 10 mil. lol but hmmmm. supersport bikes racing on an oval track? hmmm..... lol
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Old 07-20-2009, 02:17 PM   #6
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Quote:
Originally Posted by Solracer View Post
GrandSport is for sale for alot less....


anyone interested, PM me.
I got 5 on it!!!!
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Old 07-20-2009, 02:31 PM   #7
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Been there, won't go back.
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Old 07-20-2009, 02:51 PM   #8
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Quote:
Originally Posted by Solracer View Post
GrandSport is for sale for alot less....


anyone interested, PM me.
How much is alot less?
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Old 07-20-2009, 04:27 PM   #9
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Quote:
Originally Posted by tomLSTD View Post
Been there, won't go back.
please explain
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Old 07-20-2009, 04:29 PM   #10
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Quote:
Originally Posted by DEAN LADEN View Post
please explain
Dangerous. My own opinion, not that of anyone other than my ownself
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Old 07-20-2009, 04:31 PM   #11
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Quote:
Originally Posted by tomLSTD View Post
Dangerous. My own opinion, not that of anyone other than my ownself
oh thought it was because it was in Louisiana, I was gonna get Why is it dangerous Tom?
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Old 07-20-2009, 04:37 PM   #12
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Quote:
Originally Posted by DEAN LADEN View Post
oh thought it was because it was in Louisiana, I was gonna get Why is it dangerous Tom?
Walls man, walls. Other than that, the trip to La is one of my favorites!
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Old 07-20-2009, 04:43 PM   #13
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Quote:
Originally Posted by tomLSTD View Post
Walls man, walls. Other than that, the trip to La is one of my favorites!
oh thy suck
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Old 07-20-2009, 09:25 PM   #14
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Fun little track but I concur with Tom. My last trip there in 2007 saw the track quite degredaded from previous trips. My first trip there, in 2001, was a blast on 85s, 125s, and 250s, but bigger bikes were a handful and not suited to the track IMO.
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