The Bondurant Racing School has been approved for sale to a group of investors by a federal bankruptcy judge in Phoenix.
Stig Investments Inc. successfully bid $1.67 million for the famed racing school. The three partners, Bruce Belser Jeff Hunter and Pat Velasco, are all graduates of the school, which filed for bankruptcy protection last October. Belser will become CEO when the deal is finalized in the coming weeks.
“As graduates of the School, we truly honor the lasting impact Bob Bondurant has made on the racing community,” said Belser. “We have a profound respect for Bob and what he has built — an immersive experience for drivers of all skill levels. We sincerely appreciate the immense dedication of the school’s employees, students and sponsors over the last few months. Their support and hard work have been integral to keeping the company on track and will be critical as we move forward.”
Belser said that the new ownership group intends to make immediate investments in track improvements and repairs to equipment around the facility. The 100 acres upon which the track is built are leased, as are the majority of the school vehicles.
Proceeds from the winning bid will go towards repaying creditors and court costs. The school owed creditors well over a million dollars, with the largest creditor, Bancorp Bank, topping the list at $526,000.
Classes at the school continued almost without interruption during the bankruptcy process, and the current core of instructors, including head instructor and 36-year company veteran Mike McGovern, will be retained under the new owners.
Tim Shaffer, who steered the school through the restructuring, said that the sale represented the best possible outcome.
“We’ve worked diligently over the last six months to find new owners who are not only smart business leaders, but can continue Bob Bondurant’s rich legacy,” he said. “Bruce Belser and his colleagues will maintain the integrity and quality of the school to the highest standards. I’m confident the Bob Bondurant School of High Performance Driving will remain a vibrant part of the international racing and local communities for years to come.”
The Bondurant Racing School was originally founded by Bob Bondurant in southern California, and celebrated its 50th anniversary in 2018.