Deal is finally done; Tooele Co. sells motorsports park to Mitime

By John Rogers

It’s been more than three years since the Larry H. Miller Group — which built and operated what was originally known as Miller Motorsports Park — announced that it would not be renewing its lease on the tract of land owned by Tooele County on which the $200 million installation sits. The move effectively transferred ownership of the racing facility and all of its infrastructure to Tooele County. {mprestriction ids="1,3"}

Now, after three failed attempts by the county to sell the 511-acre facility and millions of dollars in legal wrangling, it looks like the Tooele County Commission has reached a deal that will stick. The commission has announced that it has reached an $18.55 million agreement to sell what is now known as the Utah Motorsports Campus to Mitime Utah Investment LLC. Mitime is the company that has managed the motorsports park facility for the county for the past three years.

The Tooele County commissioners are touting the deal as a commitment by the commissioners to ensure the facility’s proper management and long-term contribution to the economic development of the county.

“We are pleased to announce this agreement with Mitime, who has been a valued partner and the track operator for the past three years,” commission Chairman Wade Bitner told the Tooele Transcript Bulletin. “They are committed to growing the facility and its economic impact with more events, races, a hotel, manufacturing facility and research and development center. They have been tremendous stewards of this world-class track on behalf of the county and we are glad to have the ownership now in their very capable hands.”

The purchase by Mitime includes the track, buildings and all the physical assets of the park as well as all 511 acres of property. Vendor leases and event contracts in place at the time of the sale will be honored under this deal, but may be subject to changes next year, the commission said.

When the Larry H. Miller Group announced it was abandoning the park in 2015, Tooele County had no interest in running it but recognized its economic value to the area. The county immediately asked for proposals from potential buyers to own and continue operating the track as a motorsports facility. In August 2015, the county announced that it had reached an agreement with Mitime to buy the park for $20 million. Mitime is a subsidiary of the Geely Group of Companies, which is the largest independent automobile manufacturer in China and also owns Volvo and several Chinese racetracks. Mitime said it planned to continue and expand motorsports operations at the racetrack, use it to train personnel in track operations and motorsports engineering and as a base to build racing vehicles. Mitime also pledged to promote Utah as a tourism destination to the Chinese. Mitime estimated that its planned $270 million investment in Utah Motorsports Campus would bring $1 billion in economic impact to Utah over 25 years.

Then along came Andrew Cartwright and his Center Point Management. Cartwright immediately sued to stop the sale on the grounds that Tooele County accepted a lower bid from Mitime instead of Center Point’s higher bid. Cartwright’s suit claimed the action was a violation of Tooele County ordinances and Utah state law. In December 2016, 3rd District Judge Robert Adkins agreed with Center Point and blocked the sale. Tooele County then hired Mitime to run the facility pending outcome of the Center Point lawsuit. 

In December 2017, Tooele County announced a settlement of the ongoing litigation with Center Point. The 15-month legal battle ended with the county agreeing to a $1.55 million payout to Cartwright and his company. Tooele County then put the park back on the market in April with a July 2 deadline for offers. Mitime was the only qualifying bidder, according to the county’s statement.

The facility has had six different appraisals in the past three years. Those appraisals were the basis for the negotiations and final pricing of $18.55 million for the track and its physical property by Mitime. Payment will be made within 60 days of the final contract being signed, according to the county.

“This negotiation was based on market assessments and evaluations that have been done and this is a big win for the county,” said County Commissioner Myron Bateman. “We will have the track under very capable and proven management, be able to retain jobs of Tooele County residents, and make a profit for the county. The county, as a government entity, can now transfer the management to a private sector company and remove our burden and financial liability.”

Proceeds from the sale of the track will be deposited into the general fund of the county and may be used for general county needs, according to the county’s statement.

“Mitime would like to thank the Tooele County Commissioners for entrusting us to run and manage the facility over the past three years,” said William Lee, vice president of Mitime, in a prepared statement. “We would also like to thank the residents of Tooele County for their continued support of both us, as well as the facility. We look forward to making Tooele County home to one of our many business ventures and are excited about the future growth potential for both the facility as well as Tooele County.”{/mprestriction}