IHRA Sold To Palm Beach, Memphis Int’l Ownership GroupJanuary 30, 2013 · 0 Comments
Jupiter, FL- IHRA Entertainment, LLC, a newly formed corporation held by the ownership group of Palm Beach International Raceway™ and Memphis International Raceway™, announced today its acquisition of the International Hot Rod Association® (IHRA), which was majority-owned by Feld Motor Sports®, a division of Feld Entertainment, Inc. The new ownership group will immediately take over management of the 43 year old organization and operate as IHRA Motorsports™.
The acquisition includes 100 percent of the IHRA assets, including the sanctioning body, the Nitro Jam® series, the Thunder Jam® series, the Summit® Pro Am series, the Summit® Super Series program and Drag Review Magazine®.
The ownership group is led by managing partners, Michael Dezer of Dezer Properties and Joseph Lubeck of Landmark Apartment Trust of America, Inc., Edward Kobel of DeBartolo Development, and Jason Rittenberry, President & CEO of the parent company. In 2008, the group purchased the former Moroso Motorsports Park and have since invested over $30 million in the redevelopment of the multi-track venue in Jupiter, Florida. In 2011, they acquired the former Memphis Motorsports Park from Dover Motorsports, Inc.
Rittenberry will serve as Chief Executive Officer of IHRA Motorsports, while Aaron Polburn will remain as President and General Manager, and Skooter Peaco will continue as Vice President of Race Operations. IHRA Motorsports will continue operations at their Norwalk, Ohio headquarters, and maintain the management team, sponsor partners and sanctioned track partners.
The 2013 IHRA schedule previously announced will remain in place with the Summit® Racing Equipment World Finals for all IHRA categories being held at the Company’s Memphis International Raceway™. Several events will be added to the Nitro Jam® schedule, including a return to the Company’s Palm Beach International Raceway™.
“Today is a landmark day for our Company, the ownership group and the IHRA,” said Jason Rittenberry, CEO of IHRA Entertainment. “IHRA has shown that their entertainment business model is viable and the company can grow. We want to build on the foundation that IHRA has built over the past 40 years and provide the structure and resources it needs to be successful long term in this new motorsports environment.”