Motorplex needs help for survival
MOTORSPORT: Carina Speedway is officially on life support, unless some support comes to the venue.
Bundaberg Motorplex has revealed that if an owner is not found in two weeks then all assets at the speedway will be up for sale.
The company posted a press release on its Facebook page on Thursday, explaining it I was struggling to make ends meet to keep running.
“For various reasons, the level of crowd numbers, sponsorship and community support needed to make the venue sustainable long term were rarely achieved and the current world situation with the Covid-19 virus has severely affected cash flow and will continue to do so for the immediate future, as it is unlikely the venue would be able to operate for some months,” the statement said.
“The team at Bundaberg Motorplex Pty Ltd have been working on various options for the venue and unfortunately have had to make the decision to close indefinitely.
“The company ‘Bundaberg Motorplex Pty Ltd’ is still operating and is not going into administration or insolvency. We assure our suppliers that all accounts will be paid as normal while we work through the current situation.”
The venue has been looking for a new owner for a few months but with the onset of the coronavirus the process has sped up, rather than waiting until the end of the speedway season.
The deadline now is April 9 to find a new buyer but can be held for longer if the right move is made.
“Bundaberg Motorplex – Carina Speedway is being offered for sale as a walk in, walk out deal for a limited time. We are calling for expressions of interest for a period of two weeks from March 26 to April 9,” the motorplex said.
“If we do not receive any serious inquiries or offer in this time, all buildings, machinery and other assets will be sold via auction or other means and the venue will continue to be offered for sale as vacant land by Bundaberg Motorplex.
“All expressions of interest regarding the sale should be emailed to the Brisbane office directly at email@example.com.”
Bundaberg Motorplex manager Ian Jones said it would not be doom and gloom if a buyer was found soon.
“We are looking for other investors,” Jones said.
“The current owner is happy to have it taken to another owner for just under 1.5 million.
“For that you get the complex, the area and equipment but you really need to talk to those in Brisbane.”
Jones said the loss of the speedway would hurt for its staff and the community.
“It’s one of the biggest and best speedways in Australia,” he said.
“If someone puts in some hard yards, (a) bit more love, throw(s) money at it, they can make it more special.”
Barry Pearce, who has acted on behalf of owner Dave Vaughan to find an investor over a few months, was concerned speedway would be lost to Bundy.
“I knew something was coming in relation to the statement,” Pearce said.
“We were still actively working on investors.
“For those interested it will never be as cheap as what it is now.”