MILWAUKEE — Seeking to save the historic but financially troubled Milwaukee Mile racetrack, the Wisconsin State Fair Park board has picked what it considers the strongest proposal from three potential promoters and plans to make a counteroffer.
The board voted to authorize negotiations in a Thursday night meeting. Should the group with the highest-rated proposal not accept the counteroffer, representatives will negotiate with the second-highest rated group.
None of the three potential promoters were identified.
“The Fair Park Board is hopeful that major racing can be retained at The Milwaukee Mile, which has been in operation since 1903 and is the oldest continuously operating race track in the country,” board officials said in a statement.
Before executing a license agreement with a new promoter, officials will require the potential promoter to have “fully secured” race dates from the sanctioning bodies for the Indy Racing League and NASCAR.
The board voted last week to end its partnership with promoter Wisconsin Motorsports, which is believed to owe NASCAR and the IRL several million dollars — putting the future of the track’s two major events in jeopardy.
Both IndyCar and NASCAR officials are expected to announce their 2010 schedules soon.
The board also will require a new promoter to show it has “adequate resources available and restricted for track operations before a license agreement is finalized.”
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