NHRA ANNOUNCEMENT REGARDING HD PARTNERS ACQUISITION CORPORATION VOTE OF SHAREHOLDERS
In a press statement released today by the National Hot Rod Association, the NHRA has been notified by HD Partners Acquisition Corporation that it did not receive the necessary number of votes to finalize the transaction announced last May to acquire all of NHRA’s professional racing assets.
Said Eddy Hartenstein, chairman and chief executive officer of HD Partners: “We are very disappointed with today’s vote, given our collective enthusiasm for NHRA and the NHRA POWERade Drag Racing Series. Unfortunately, in the time since we first announced this transaction in May of 2007, we have witnessed a dramatic shift in both the financial markets and the perceived strength of the U.S. economy, which we believe adversely impacted the final outcome of this transaction. With that said, we continue to believe that the NHRA and the NHRA POWERade Drag Racing Series, led by Tom Compton and his management team, are very vibrant properties with a bright future. We wish them all the best for continued success.”
NHRA will continue to operate as it has in the past. NHRA worked closely with HD Partners the last several months to finalize the transaction. Given the time and energy spent on this effort, NHRA has no plans to pursue a similar opportunity in the near future. For now, NHRA will remain focused on the business and continued growth of NHRA.
“We appreciate the efforts put forth by Eddy and the entire HD Partners team the last year-and-a-half," said NHRA President Tom Compton. "NHRA is in the best financial position in its history and prospects for future growth are at an all-time high. It is the health of the company, the sport and strong future prospects that led HD Partners to pursue this transaction in the first place and those elements still exist.
“Few would argue we have a great product and an incredible opportunity in front of us to build and grow the sport of NHRA and NHRA POWERade Drag Racing," Compton added. "The initiatives communicated during this process still hold true and we will work together with the racing community, sponsors and business partners to achieve them and continue the growth of the sport.”
Headquartered in Glendora, Calif., NHRA is the primary sanctioning body for the sport of drag racing in the United States. It presents 24 events through its NHRA POWERade Drag Racing Series. NHRA has 80,000 members and 140 member tracks. The NHRA-sanctioned sportsman and bracket racing series provide competition opportunities for drivers of all levels. The NHRA develops the stars of tomorrow by offering the NHRA Lucas Oil Drag Racing Series, NHRA Summit Racing Series and NHRA Street Legal Drags presented by AAA. NHRA also offers the O’Reilly Auto Parts Jr. Drag Racing League for youths ages 8 to 17.