Financially troubled East Valley racing school to be sold this month
Mar 4, 2019, 3:29 PM
(Facebook Photo/The Bob Bondurant School of High Performance Driving)
(Facebook Photo/The Bob Bondurant School of High Performance Driving)
PHOENIX – If all goes as planned, a financially troubled East Valley racing school will have a new owner by the end of the month.
The Bob Bondurant School of High Performance Driving, which has been in Chandler since 1990, will be sold as part of the process to exit bankruptcy, ClassicCars.com Journal reported Friday.
Tim Shaffer, who has been the chief restricting officer for the business since it filed for bankruptcy in October, told the website there were between five and 10 potential buyers doing “deep due diligence.”
He said the goal is to complete the sale by the third week of March and put new owners in place April 1.
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The school had fallen more than $245,000 behind in rent to its landlord, Sun Valley Marina Development. Sun Valley’s parent company is the Gila River Indian Community.
A judge said if the payment wasn’t made by last Thursday, the “lease shall be deemed rejected, and the debtor shall surrender the premises,” the East Valley Tribune reported.
Instead, Sun Valley granted the school a 30-day extension. If the sale goes through as planned, the new deadline would be met.
Bob Bondurant opened the school in Southern California in 1968 before moving it to the East Valley 29 years ago.
Bondurant, who owns the business with his wife, Patricia, is 85 years old has been experiencing health issues, according to ClassicCars.com Journal.
