Skip Barber Racing School owes over $10 million to creditors, including $1.2 million to Lime Rock Park, and has filed for Chapter 11 bankruptcy, according to documents provided to The Drive.
Millions of dollars are owed in rent dues to various US tracks, but the exact figure owed to creditors is reportedly between $10 million to $50 million. From The Drive:
The school also owes rent to several other race tracks across America, including $239,617.19 to Road Atlanta, $169,568 to California’s Monterey County (the lawful owner of Mazda Raceway Laguna Seca), $112,000 to Mid-Ohio, $105,983 to Palm Beach International Raceway, $56,623.77 to Virginia International Raceway, and $29,600 to Willow Springs, among other unsecured claims to creditors.
The filing declares that the school possesses assets valued at roughly $5.3 million. That includes a listed $1,489,500 worth of automobiles and $1.6 million in auto parts. It also places a value of $2 million on the Skip Barber Racing School brand name and training techniques.
Despite Skip Barber owning Lime Rock Park, Barber divested himself from the racing school of his name back in 1999. The school’s website credits itself with alumni including racing drivers in IndyCar and NASCAR and major Hollywood stars like Paul Newman and Tom Cruise.
A record of the bankruptcy filing is available online. You can check out Skip Barber Racing School reviews on TripAdvisor, and they’re are not promising.
Jalopnik has reached out to Lime Rock Park and Skip Barber Racing School for comment and will update accordingly.