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Speedway lessees race to the bank

April 13, 1997

When Ralph Sanchez and Wayne Huizenga joined forces at the Homestead motor speedway, you knew good things would happen.

To Ralph and Wayne, of course. Not necessarily to Homestead.

Sure enough, Sanchez and Huizenga are about to roar away from the troubled racetrack with at least $10 million each, while the flat-broke city limply waves a checkered flag.

Sanchez claims the place can't make it without hosting the popular Winston Cup stock car races—something that won't occur unless he and Huizenga sell out to NASCAR impresario Bill France.

France didn't want the track unless the lease was watered down. Last week the city obliged.

"I walked out of the council chambers sick to my stomach. They gave away the farm," says Steve Losner, a lawyer whose family has been in Homestead for 70 years.

It was as predictable as it is pathetic. The 65,000-seat motorsports complex was built with public funds, including $31 million from county tourist taxes and bond sales. How much will Dade get from the Sanchez sellout? Zippo.

Homestead itself has spent $8 million on the track, and is in debt for another $25 million. Its take from the new deal: nada. Amazing, considering that the city is deeply in the red, and that workers are being laid off.

Meanwhile, Wayne and Ralph can peel rubber on their way to the bank. It was a match made in heaven, two masters of finagling public funds for private projects.

By selling his share of the Homestead lease, Sanchez would maintain a perfect record: In 15 years he's never operated a racetrack that made money. Oh, he made plenty—but not the races, and not the municipalities that subsidized them.

After skipping out of downtown Miami, Sanchez found fresh suckers in hurricane-battered Homestead. True to form, he miscalculated the cost of the new speedway by about 500 percent, and his lofty promise of reviving South Dade's economy turned out to be hot air.

Even the track itself has been a headache, beset with costly design flaws that cast large doubts upon Sanchez's touted racing expertise. Huizenga came in as a partner by loaning $20 million for new construction.

Now Sanchez says the racetrack is "overbuilt." Seriously, that's what he says. He told New Times: "If I didn't have to sell I wouldn't sell, but this is the reality of the situation."

Here's the reality: He and Huizenga are making out like bandits, while taxpayers are once again eating dust.

Of all Sanchez's failures, Homestead will be his most lucrative. In a meeting with South Dade business leaders on April 3, he admitted that he and Huizenga each will receive about $ 10 million if France buys them out.

Which seems likely, since the track's new tenant is no longer required to share race profits with the city—one of several outlandish concessions approved by council members.

The hosing was orchestrated by none other than Alex Muxo, who did plenty of damage as Homestead's city manager. Now conveniently employed by Huizenga, Muxo met individually with council members at the racetrack.

His message: This thing won't ever fly without a Winston Cup weekend.

In other words, forget the Indy cars. Forget the Jiffy Lube. Forget everything Sanchez promised four years ago.

Many folks in Homestead won't forget. Neither will some of the politicians who gave him that first $31 million. As former Metro Commissioner Maurice Ferre lamented: "I still wonder how we could have allowed this to happen."

Join the club.


Team rebates send tax money down the drain March 16, 1997 | Kick Ass: Selected Columns of Carl Hiaasen | If threes a crowd, what is 5 million? September 13, 1985