CLEVELAND, Tenn. (AP) — After multiple years on the market, the Cleveland Speedway has been sold at auction for $800,000.
Retired investor Al Chapman of Chickamauga, Georgia, told WRCB-TV Chattanooga (http://bit.ly/1t3z6Hz) he's not sure what the future holds for the track, but keeping it open and operating is an option.
The Johnson family has been trying to sell the track for three years after filing bankruptcy. David Johnson says having offers turned down and multiple trips to court have proven frustrating over the years.
Johnson says safety, and addressing the decrepit grand stands would be the first order of business, if racing remains part of the property's future.
Chapman purchased the track and an adjoining 25 acres.
Along with the property, the equipment at the track sold Thursday night for $1,700.
Information from: WRCB-TV,http://www.wrcbtv.com/