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New Ownership For Utah Motorsports Campus
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The racing facility known as Utah Motorsports Campus (formerly Miller Motorsports Park) in Erda, Utah, has changed ownership.
Following a vote by the Tooele County Commissioners, Tooele County has agreed to sell Utah Motorsports Campus to Mitime Utah Investment LLC.
The company has plans to build 10 similarly-sized racetracks in China; the first one, Ningbo Int’l Circuit, opened in 2017 and the second track is currently under construction. Geely also owns and operates the FIA Chinese Formula 4 Championship and is preparing to launch an entry in the FIA World Touring Car Championship under the Lynk & Co banner.
“We are thrilled to finally consummate this agreement to purchase Utah Motorsports Campus,” Mitime Vice President William Lee said. “This facility is a perfect fit with our company’s other enterprises, and we are looking forward to making it bigger and better in the future.
The sale of UMC includes the racetrack as well as all buildings and physical assets in addition to the 511-acre property. Current leases with tenants, event organizers and race sanctioning bodies will be honored under the agreement but may be subject to changes in 2019.
Miller Motorsports Park originally opened its gates in June 2006.
Mitime is a subsidiary of the Geely Holding Group of China, a publicly-traded company on the Hong Kong Stock Exchange that is currently ranked 267 on the Fortune Global 500 list. Geely Motors is the largest private automobile manufacturer in China; in addition to its own Geely-branded cars, the company also owns the Volvo, Polestar, Proton (which includes Lotus), Lynk & Co and London Taxi Cab brands as well as the Terrafugia flying car brand.
Geely operates manufacturing plants in China, the United States, England, Sweden, Belgium, Belarus, Australia and Malaysia. Geely is also the largest private shareholder of stock in Daimler, the parent company of Mercedes-Benz.
Following a vote by the Tooele County Commissioners, Tooele County has agreed to sell Utah Motorsports Campus to Mitime Utah Investment LLC.
The company has plans to build 10 similarly-sized racetracks in China; the first one, Ningbo Int’l Circuit, opened in 2017 and the second track is currently under construction. Geely also owns and operates the FIA Chinese Formula 4 Championship and is preparing to launch an entry in the FIA World Touring Car Championship under the Lynk & Co banner.
“We are thrilled to finally consummate this agreement to purchase Utah Motorsports Campus,” Mitime Vice President William Lee said. “This facility is a perfect fit with our company’s other enterprises, and we are looking forward to making it bigger and better in the future.
The sale of UMC includes the racetrack as well as all buildings and physical assets in addition to the 511-acre property. Current leases with tenants, event organizers and race sanctioning bodies will be honored under the agreement but may be subject to changes in 2019.
Miller Motorsports Park originally opened its gates in June 2006.
Mitime is a subsidiary of the Geely Holding Group of China, a publicly-traded company on the Hong Kong Stock Exchange that is currently ranked 267 on the Fortune Global 500 list. Geely Motors is the largest private automobile manufacturer in China; in addition to its own Geely-branded cars, the company also owns the Volvo, Polestar, Proton (which includes Lotus), Lynk & Co and London Taxi Cab brands as well as the Terrafugia flying car brand.
Geely operates manufacturing plants in China, the United States, England, Sweden, Belgium, Belarus, Australia and Malaysia. Geely is also the largest private shareholder of stock in Daimler, the parent company of Mercedes-Benz.
