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CARS Citizens Against Racing Speedway

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(@jworacing)
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Council Unanimous At Niagara Region......Canadian Motor Speedway moving ahead at full throttle!!!!


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Posts: 2480
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(@shadowracer)
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Joined: 20 years ago

And the foreign jackboot marches on....
;D


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(@Wesley_Motorsports)
Joined: 1 second ago

I don't think CARS will get very far with its lobbying efforts. The group simply doesnt have the influence this program offers to the community and Canada in general. But unfortunately there are other problems.

When this was first announced and a thread about this track first started (I think in the Delaware section) I mentioned that the financing should be questioned as to how strong it is from Dubai and Kuwait. Well anyone who follows the financial news lately should know that Dubai banks have fallen apart like a house of cards over the past 45 days. We're talking hundreds of billions of dollars in bonds that the banks there (and in Kuwait) have asked to hold payment terms and that the central bank (government) have publicly stated they will not guarantee.

There has been *some* recovery and bailouts, but in general terms, credit facilities both in Dubai and Kuwait are essentially maxed out like a over extended credit card. Jeff Gordon has no money of his in this project and I don't think it will matter from his point of view.

Here are some good links of current health of the banks in question:

http://www.nytimes.com/2009/02/23/business/worldbusiness/23iht-uaebonds.4.20377905.html

http://online.wsj.com/article/BT-CO-20091126-706275.html

http://www.guardian.co.uk/business/feedarticle/8828942


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(@jworacing)
Joined: 1 second ago

I  agree with Wesley things are pretty $hitty in land of oil funded insane frivalous wild projects. Meh who wants to downhill ski when it's 47 degrees in the shade? 😮


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