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A New Era Begins At The Milwaukee Mile
Wisconsin State Fair Park Enters Into Agreement with New Milwaukee Mile
Promoter
Milwaukee Mile Holdings LLC to assume operations at America’s Legendary Oval
Transaction Sponsored by Real Estate Investment and Development Company
Badger Pacific Equity Partners LLC Includes Land for Hotel and Retail
Development
December 19, 2005 (WEST ALLIS, Wis.) – Wisconsin State Fair Park today
announced that is has entered into an agreement with Milwaukee Mile Holdings
LLC – an organization led by metro Milwaukee native and international sports
marketing and real estate investment executive Craig Stoehr and Andrew
Randall, former President of U.S. Bank in Wisconsin – as the new promoter of
the Milwaukee Mile motor speedway.
“This is a great day for The Mile, State Fair Park, the City of West Allis,
and the State of Wisconsin as a whole,” State Fair Park Board Chairman Marty
Greenberg said. “Craig, Andy and their team have the sports marketing
expertise, particularly in the field of motorsports, as well as general
business experience, to transform The Mile into a successful,
state-of-the-art, sporting and entertainment facility. Their real estate
development background is another plus – State Fair Park and the City of
West Allis have long desired to see a hotel on this property, and this new
relationship will make that happen. In addition, Craig and Andy’s local ties
– and their success in securing a solid group of local Wisconsin investors
in this effort – ensure that Wisconsin interests are fully represented.”
Greenberg and Stoehr signed the agreement today before a crowd of supporters,
sponsors, investors and others at a special ceremony at the Wisconsin State
Fair Park Exposition Center. Under the terms of the agreement, Milwaukee Mile
Holdings has acquired the promotional rights at The Mile for 18 years, and
will make annual payments to the State Fair Park of approximately $1.8 million
per year. Milwaukee Mile Holdings has also been granted an option to acquire
9.35 acres of state-owned land adjacent to The Mile along Greenfield Avenue in
exchange for enabling the State Fair Park to acquire a private parcel of land
located within the Park grounds and making of certain improvements, including
the expansion of gates and entrances. Preliminary plans for the 9.35-acre site
include a hotel and retail complex, and potentially commercial and residential
space.
Milwaukee Mile Holdings today also announced its local Wisconsin investor
group, which is composed of the following individuals: Chris Abele, President
& CEO of CSA Commercial; Doug Carlson, CFO – KBS Construction, Inc.;
Virgis Colbert, Director & former Executive Vice President of Miller
Brewing Company; Daniel D’Angelo, Partner of Oral & Maxillofacial
Surgery Associates, LTD; Patricia D’Angelo, Partner of D’Angelo &
Jones; Bridget DeToro, Associate of Quarles & Brady, LLP; Chuck Haun,
Founder of Protective Floorings & Linings, A Division of A.W. Chesterton
Company; Nancy Hernandez, President of Abrazo Multicultural Marketing &
Communications; Craig Jorgensen, Chairman of VJS Construction; David
Jorgensen, Chairman of VJS Construction Services; Gary Jorgensen, Chairman of
VJS Construction Services; Ted D. Kellner, Chairman & CEO of Fiduciary
Management, Inc.; Dennis Klein, Chairman of KBS Construction; Keith Mardak,
CEO of Hal Leonard Corporation; Ulice Payne, Jr., President of
Addison-Clifton, LLC; Paul Roller, Chairman & former President & CEO
of Miller Brands-Milwaukee, LLC; John Schaller, President of House of
Harley-Davidson; Tom Schuchardt, President of KBS Construction, Inc.; John W.
Splude, Chairman & CEO of HK Systems; Fred Stratton, former Chairman &
CEO of Briggs & Stratton Corporation; Donald E. Sydow, Chairman & CEO
of Oconomowoc Manufacturing Corp.; Sharon M. Sydow, Owner of Oconomowoc
Manufacturing Corp.; Doug Jorgenson, Affiliate of VJS Construction Services,
LLC; David Uihlein, President of Uihlein Wilson Architects, and private
investors Daniel J. Bader, and Patty Keating-Kahn.
In addition, Milwaukee Mile Holdings announced that former NFL player and
Green Bay Packers star defensive lineman Gilbert Brown is an investor in the
company, and will join The Mile staff as the Director of New Business
Development, where he will focus on new business initiatives and various
community-related activities. Acknowledging his involvement and his passion
for racing, Brown said, “My dad drag raced while I was growing up and I have
had a real affinity for cars my entire life. I'm looking forward to this as an
opportunity for me to do something I love,” Brown said.
“We are delighted to have finalized our agreement with State Fair Park,
thereby securing the future of top-level racing in Wisconsin, as well as
having a group of Wisconsin investors that comprises some of the State’s
most prominent business and philanthropic leaders,” said Stoehr, Chairman of
Milwaukee Mile Holdings and Managing Partner of Badger Pacific Equity
Partners. “We look forward to restoring The Mile to its deserved level of
prominence, and to working closely with State Fair Park and the City of West
Allis in the years to come.”
Randall, as incoming President & CEO of the historic speedway, will
oversee all day-to-day activities. He is a 30-year veteran of the financial
services industry and a passionate sports fan who led U.S. Bank’s
sponsorship of The Mile’s Champ Car World Series race, Miller Park and the
Milwaukee Brewers, and the PGA’s Greater Milwaukee Open.
“This is a great opportunity to help strengthen the tremendous community
asset we have in The Mile, a jewel in American sports facilities,” Randall
said. “We are pleased to have the backing of our sponsors and the
encouragement to build on the rich history and tradition of The Mile. With the
support of the dedicated Mile staff, we will immediately set to work on
building our fan base and general awareness through many new marketing and
promotional activities.”
West Allis Mayor Jeannette Bell said the City of West Allis has been involved
in discussions with Milwaukee Mile Holdings and State Fair Park since the
transaction was announced in August.
“This is a perfect fit for the City of West Allis,” Mayor Bell said.
“Obviously, anything that strengthens The Mile and State Fair Park
strengthens the City of West Allis, and this arrangement will do far more than
that. It will return more than nine acres of land to the City’s tax rolls,
and it will ensure a high quality development – including a much-needed
hotel – on one of West Allis’ most visible corners.”
Champ Car, NASCAR, IRL and ARCA Sign Agreements with New Promoter
Officials representing the diverse cross-section of race sanctioning bodies
that will compete at The Mile in 2006 also attended the ceremony and signed
race sanctioning agreements with the new promoter.
"The Milwaukee Mile holds a place of honor in the Champ Car World Series
and our annual stop at the oval provides one of the sternest tests of the year
for our drivers and teams," said Champ Car President Steve Johnson.
"The unmatched tradition of The Mile makes it one of the true highlights
of our racing season. We look ahead with great anticipation to a strong
future, and we welcome the opportunity to work with the new leadership at The
Milwaukee Mile."
Returning in July will be the stars of the Indianapolis 500. "The
Milwaukee Mile has a long and storied tradition and we look forward to
building on that history with the return of the stars of the IndyCar Series in
2006," said Indy Racing League President & CEO Brian Barnhart.
"The combination of the new ownership group led by Craig and Andy with
the wheel-to-wheel excitement offered by the IndyCar Series will continue to
build momentum for many seasons to come."
The ARCA RE/MAX Series headlines the historic speedway’s August Governor’s
Cup weekend. “Taking the lead role in the Governor’s Cup weekend at The
Milwaukee Mile presents the ARCA RE/MAX Series with an opportunity to open a
new chapter in the great tradition and history of the event,” said ARCA
President Ron Drager. “But there is also a strong responsibility to uphold
and carry forward the rich heritage of the Governor’s Cup, which we take
very seriously. Looking at the list of winners of stock car races at The Mile
over the years gives us a sense of where this ranks in the big picture of
stock car racing in the Midwest. That list of winners – A.J. Foyt, Jack
Bowsher, Parnelli Jones, Don White, Tony Bettenhausen, Rusty Wallace, and Mark
Martin – speaks for itself.”
Randall also presented the various divisions of world-class auto racing on The
Mile’s four event weekends in 2006, and announced that there will be no
ticket price increases for 2006. Full event and ticket information is
available on the speedway’s website located at www.milwaukeemile.com.
About The Milwaukee Mile
The Milwaukee Mile, ‘America’s Legendary Oval,’ is the oldest
continuously operating motor speedway in the world. Motor racing began at The
Mile in 1903, eight years before the first cars raced at the Indianapolis
Motor Speedway. During the past century, The Mile has played an integral role
in shaping the face of auto racing in America. The historic track has hosted a
variety of events, from turn-of-the-century “speed contests” and 24-hour
endurance races, to AAA and USAC-sanctioned Indy and Stock Car events, to
NASCAR Busch and Craftsman Truck Series competitions.
The Mile has undergone many improvements in recent years, including new,
all-aluminum bleacher and grandstand seating, a new pit wall, a new scoring
pylon, a repaving and retrofit of the infield road course, and the
construction of a permanent media center and infield care center building. The
new fan-friendly grandstands seat almost 40,000 spectators, as well as provide
significantly enhanced restrooms and concession areas. Competitor areas and
paddock space also has been enhanced. Historical information and current
happenings are available on the speedway’s website located at www.milwaukeemile.com.
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