By Jonathan Bym
Staff Writer
Rockingham Speedway is back on the market after Rockingham Properties LLC listed the track for sale recently, less than two months since NASCAR racing was brought back to the venerable track in April.
The track was purchased by Rockingham Properties and owner Dan Lovenheim in 2018 for $2.8 million. Lovenheim, who built his wealth owning and operating nightclubs in Raleigh, told the Charlotte Observer, “The time is right to pass the baton to someone who can take it further than we can.”
Bids will be placed for the track, with an expected new owner being selected by July 1.
After its purchase, private and state funds were put into the track to build up to NASCAR’s return to the Sandhills. Former Gov. Roy Cooper directed $9 million in pandemic recovery spending to the track for infrastructure upgrades in 2021. In 2022, the track was repaved for $3.5 million. Other upgrades to the infield buildings and the installation of more SAFER barriers around the track brought the track up to standards for NASCAR’s two developmental series.
The track has asked the General Assembly for $12 million to pay for more infrastructure upgrades to “get the Rockingham Speedway ‘cup ready’ for a potential NASCAR Cup Series race in 2026 or 2027,” the listing through CRBE says.
When the NASCAR Craftsman Truck Series was held on April 18, it ended a 12-year drought of the national series racing at The Rock. The Xfinity Series raced in front of a sellout crowd of more than 25,000 people, marking the first time since 2004 that series came to Rockingham. The race on Saturday led up to the running of the ARCA Menards East series running a 125-lap race on the sellout day.
“I think that the three national series that we had there were second to none. We always have Cup to look forward to, but I think the three that we had put on a great event, and it was well received by the fans,” Track Enterprises President Bob Sargent told The Pilot. “I just feel like we all put together a good product for that weekend. And leading up to that too with promotions and the community support, that was phenomenal.”
A newly released economic study, done in part with the Pinehurst, Southern Pines, Aberdeen Area Convention and Visitors Bureau (CVB), showed an economic impact of nearly $40 million from that weekend. Moore County’s share of that was more than $28 million, of which lodging was the largest part.
The weekend sold 40,000 tickets for the two-day event. Along with Saturday’s sell-out, the event also employed 500 workers each day.
According to Richmond County tax records, the track and the 253 acres it sits on has a tax value of $4.96 million
The site has full ABC permits, and is the ninth location in North Carolina to be approved for a sports wagering license, according to the listing for the track. That listing also says that the track generates $1.6 million yearly in revenue from its weekly events, like the Crown 9 Series and MB Drift racing events, as well as the return of NASCAR. Concerts and circuses have been hosted on or used the property in the past, including the 2019 Epicenter Music Festival.
Sargent said that Track Enterprises wants to be involved with the future of Rockingham Speedway, and is even exploring the possibility of putting in a bid for the track.
“We knew that Dan and his group were thinking about selling before our event. We’re definitely interested, and we obviously feel like we did a lot with our team and his together to bring NASCAR to the facility,” Sargent said. “We feel vested here, and want to continue that relationship, whether we take a run at the sale or we work with the new owner.”
When Lovenheim and the ownership group purchased the track, weeds were growing through cracks in the asphalt, and bleachers in turns one and two were slowly compromising the backing of the track. Work was done slowly to resurrect the track, putting it into a better spot than where it was on closing day in 2018.
“Anytime you take a facility that was sitting vacant and neglected, and you work slowly to rebuild and work methodically to try to get to the level where we could have national events there, they did a great job,” Sargent said.
Sargent’s company leases 26 tracks in 15 states, varying from dirt tracks to asphalt, and from large ovals to short tracks. He knows there is a list of items that need to be done by whoever has the winning bid to bring the pinnacle NASCAR series back to the track.
“There’s quite a bit to do. NASCAR has a long list of things that need to be done,” Sargent said. “SAFER walls and lighting are some big things that we’ve all pointed out that need to be addressed.”
Contact Jonathan Bym at (910) 693-2470 or jonathan@thepilot.com.
