Skip Barber Racing School Reportedly Files for Bankruptcy
The Skip Barker Racing School is reportedly filing for bankruptcy and has somewhere between $10-million to $50-million in outstanding liabilities.
The report comes from The Drive, saying the school filed a petition for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the Southern District of New York earlier today. A copy was provided to the website, which claims Skip Barber Racing School owes Lime Rock Park of Connecticut $1.225-million for track rental fees. The irony, of course, is that Lime Rock Park is owned by Skip Barber himself, who founded the racing school. Barber, however, has distanced himself from the school since he sold off controlling interest in 1999.
SEE ALSO: Going to School with Skip Barber Racing
The documents report Skip Barber Racing School owes money to tracks all across the nation, including $239,617.19 to Road Atlanta, $169,568 to California’s Monterey County, which owns Mazda Raceway Laguna Seca, $112,000 to Mid-Ohio, $105,983 to Palm Beach International Raceway, $56,623.77 to Virginia International Raceway and $29,600 to Willow Springs. There are also unsecured claims to creditors.
The filing shows the school has assets valued at about $5.3-million, which includes nearly $1.5 million worth of vehicles and $1.6-million in auto parts. It is also placing a $2-million value on the Skip Barber Racing School name and training techniques.
[Source: The Drive]
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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Few student pilots or a licensed racer can pay off at least one of the raceways, guess there's a shortage of pilots with ridiculous amounts of cash for an expensive sport.