Inside Dirt Racing has learned the fate of Cleveland Speedway could be determined on December 12.
Rumors have circulated since the running of The Gobbler that Cleveland Speedway could have a new owner as soon as next week. Those rumors have included the track being sold for racing purposes and the property being turned into an apartment complex.
After weeks of speculation, Lisa Willkomm, wife of promoter Ronnie Willkomm, posted on her Facebook page that the U.S. Bankruptcy Court in Chattanooga has decided to sell Cleveland Speedway to pay off all debts remaining on the property.
In November 2011, Cleveland Speedway was in a foreclosure state. Willkomm was given control of the speedway and given a two-year period to show the facility could turn a profit and help pay off the debt already on the track. The two-year period has expired and Willkomm was notified the court has decided to sell the speedway to pay off all remaining the debt.
Bids are still currently being accepted with a court hearing scheduled for December 12. The fate of the speedway could be determined then.
The court will not release the current high bid or the name offering the highest bid at this time. A number of people have expressed an interest in obtaining the speedway to continue racing. Whether one of those people submits the highest big will be announced at the court hearing next week.
Inside Dirt Racing will continue to follow this developing story.
