Zhejiang Geely’s purchase of Miller Motorsports Park halted

Mitime Utah Investment LLC, a subsidiary of Chinese motor conglomerate Zhejiang Geely Holding Group, has had to halt its planned purchase of Miller Motorsports Park in Utah, according to a report posted last Friday by Sportrider, a media that focuses on sportbike news and reviews.

As reported by local news media in Salt Lake City, Tooele County Third District Judge Robert Adkins ruled in favour of Center Point Management, the Wyoming-based development company that lost out on buying the property during the bidding process several months ago. 

The Tooele County Commission voted in favour of selling the property to the Chinese corporation for $20 million two months ago. The plaintiff Center Point, another bidder for the park, believes that the sale did not go to the highest bidder, violating local ordinances and state law that prohibit the sale of County-owned property for anything less than full and adequate consideration.

The plaintiff will reportedly continue with its pursuit of the purchase of Miller Motorsports Park, and is said to have upped its bid to $28 million (from the original $27 million); there was no word whether Mitime would be increasing their bid. 

Source:Sportrider

Proofread by John Devlin.