Dreams of a new NASCAR-style oval racetrack in the Branson area have all but slipped away as the owners of the land for the proposed track’s location filed for bankruptcy.
According to the Springfield News-Leader, Russell and Wanda Cook, the people behind the effort to build the racetrack in nearby Ridgedale, filed for Chapter 11 proceedings on the property. It’s the second time the Cooks have run into financial issues, having almost sold the land for the track in an auction in April. That time the Cooks and their partners were able to reach an agreement with the bank; this time, the News-Leader reports, may not go the same way:
According to the bankruptcy court filings, the Cooks owe as many as 49 creditors a total of $1 million to $10 million dollars. The Cooks’ net worth is estimated between $10 million to $50 million.