NHRA roles for bankruptcy

[Julie Jordan]

Originally Posted by jmcarter

Perhaps Julie can answer but the property they own in Pomona (i.e. Museum) would be more valuable than others such as Atlanta, Indy and Gainesville but who knows what their debt is. Possibly just all the equipment they own (or lease)? And don’t they still have revenue in the form of membership dues and sanctioning fees from all the tracks? Think their largest liabilities would be BOD salaries and buyouts. Don’t think they will declare Chapter 11 or any other kind of bankruptcy but if they did tracks could still gain sanction via IHRA or ??. If they did the greatest loss would be for all of their great employees. The associations would thrive unless their respective members acted contrary to the best interest of the group. There’s a whole lot of class (and comp) cars that are not going away anytime soon. COVID will not kill Drag Racing, we’re the only ones who can do that.

The museum is a separate tax-exempt organization.

NHRA’s tax returns are public. The returns include a balance sheet which shows no long-term debt, i.e. mortgages. The organization owns real property, pays property taxes like the rest of us.