It’s been a long time coming, but Texas Motor Speedway has finally turned the corner and become a profitable enterprise. In fact, this year the Houston-based speedway is on the verge of breaking even. This follows a tough few years where the racetrack had to close its doors for several days due to financial trouble. It was a dark day for a Houston sports team and its fans. Thankfully, that’s all in the past now as the speedway is back and thriving. Who is the man responsible for this turnaround? You’ll have to read on to find out!
The Big Change
The first thing we need to note about Texas Motor Speedway is its transformation. When it came time for the track to rebuild in 2012, it went through an entire makeover. The back straightaway was re-aligned and widened, turning it into a high-banked oval which features 10 degree banking in both directions. Additionally, a brand new grandstand was constructed which brought the seating capacity up to 70,000. These are just some of the many new features made possible by the re-alignment and widening of the strip.
These upgrades undoubtedly made a difference. This year, Texas Motor Speedway is on pace to break even for the first time in its history. However, even back in 2012, there were signs this race track was a money pit. For example, back in 2011 it cost the owners of Texas Motor Speedway $8.6 million to resurface the entire racing surface. Resurfacing a track is a huge financial commitment. It also takes a lot of time. In other words, there’s no quick fix to turning a profit at Texas Motor Speedway. It takes a lot of hard work and perseverance.
Who Is The Man Behind The Turnaround?
Now that we’ve got the track laid out, let’s take a look at the man behind the turnaround. You’ll have to forgive us if we don’t introduce you to the man behind the scenes at Texas Motor Speedway since he doesn’t have a lot of public recognition. That’s because he’s done a terrific job of keeping his name out of the limelight. Instead, this year he’s decided to step forward and take the credit for turning the speedway around
Yes, Doug Boles is the man responsible for the turnaround at Texas Motor Speedway. In fact, it was Boles who first took the reins on the track back in 2010. He also serves as the CEO of the Houston Racing Association. So, it’s fair to say Boles has been keeping pretty busy over the last few years.
When the economy tanked and the racing industry took a hit, Boles knew he had to step in and help out. He didn’t have the money to build new tracks or to resurface the ones he already had. Instead, he did what anyone would do in his situation – he saved up money to fix the speedway. He also partnered with the city of Houston and the Texas Enterprise Fund to help finance some of the improvements he made.
While there are undoubtedly a lot of people who deserve a share of the credit for the turnaround at Texas Motor Speedway, nobody can take away Boles’ achievement. It’s certainly been a while coming, but the wait is over. Boles finally has a race track that he can be proud of, and it shows in the bank accounts.
The Future Of Texas Motor Speedway
If you’re looking for a sport to follow that doesn’t require any additional tickets, you might want to check out Texas Motor Speedway. Even though it’s now profitable, the track has decided to keep looking for ways to improve itself. One of the major changes headed for the racetrack this year will be the introduction of an outdoor terrace. In addition, the track is also considering adding a second deck to the grandstands to provide people with additional seating.
Even though the past few years have been financially hard for Boles and his family, it’s proved to be a transformative experience. Back in 2012, Boles had to take out a second mortgage on his home just to cover the track’s operating costs. However, even with those massive expenses, it wasn’t enough to cover the track’s bills for that year. Therefore, Boles had to dip into his own pockets and come up with the extra money.
Thankfully, things are looking up for Boles and the track he helped build. It’s slowly but surely turning the corner, and with any luck, it will soon be back on the plus side of the ledger.