IRG Sports + Entertainment (IRG) announced yesterday the official closure of Palm Beach International Raceway (PBIR).
Press Release Provided by IRG Sports + Entertainment
PALM BEACH, FL- PBIR has been privately owned since 1964, and during that time it has hosted great racers and racing moments. The racing community paid tribute to the track and its history on April 23rd at the Last Lap celebration, which was the final event at PBIR.
PBIR has faced continued financial difficulties over multiple decades. Many factors, including escalating insurance costs, fewer corporate event bookings, and declining attendance, have contributed to long-term business underperformance and the conclusion that the property’s highest and best use is not as a racetrack.
IRG engaged a professional commercial real estate advisor and ran an open and broad sales process which solicited significant interest from a wide variety of institutional investors. All serious proposals were for redeveloping the property within its existing industrial zoning use, but for purposes other than remaining a racetrack. There were no competitive bids from any groups interested in keeping PBIR open.
Every expert who analyzed the property in detail recognized the same thing: the increased employment, millions in new tax revenue to the County, and opportunity to serve the region’s growing critical infrastructure needs made redevelopment the clear path forward.
We are concerned there have been conflicting reports about PBIR’s future. As the property’s owner, to help members, sponsors, and the community appropriately plan for the summer, fall, next year and beyond, we want to be clear: PBIR’s closure is final.
We have officially communicated the finality of the closure to our small, dedicated group of employees. All equipment, including the stands and bleachers, has been sold.
Thank you to everyone who helped make PBIR what it was, and we appreciate and support efforts to continue racing at other nearby locations.
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