Our great state of Minnesota has a rich history in virtually every facet of motorsports. INTERNATIONAL MOTORSPORTS ENTERTAINMENT AND DEVELOPMENT CORPORATION (IMEDC) announced plans to enter the Minnesota sports and entertainment arena through development of Minnesota Speedway Park – a state of the art mixed-use development featuring a motorsports complex within the Minneapolis-St. Paul market. The world-class project is estimated to cost around $500 million and will include a paved 7/8 mile oval track and a 1/4 mile NHRA style drag strip.
Over the past few years IMEDC has assembled a first class team of professionals with experience in motorsports facility design, development, construction and the racing industry. We are in the process of moving forward in the acquisition of the optimal site with sufficient acreage to provide the best opportunity for our success. Our goal is to create a first class, technologically advanced complex benefiting both the local community and the state and offering the kind of entertainment and recreation experience all Minnesotans can be proud of.
Minnesota is already home to a significant number of race enthusiasts, competitors and corporate sponsors. The state ranks in the top 10 locations nationally as a desirable and underserved market for motorsports. We believe now is the time to add motorsports to the state’s list of premium sports entertainment options” says Jim Farmun, IMDEC President and CEO, “hundreds of millions of dollars are spent by Minnesota companies on racing sponsorship each year outside of Minnesota. The speedway project not only helps keep some of that revenue in the state, it will provide thousands of direct and indirect jobs to Minnesotans at a time when we need employment opportunities most.”
One in three adults considers themselves race fans. There are more than 100 million racing enthusiasts in the United States with 40% spending nine or more hours per week on race-related activities. Auto racing is the fastest growing spectator sport and is second only to the NFL in popularity. IMEDC taps directly into the intense passion of this market with its plans for Minnesota Speedway Park.
The Minneapolis St. Paul market has been involved in motorsports since the early 1900’s. Some of the first races in the country were held in the area. St Paul held the first 24-hour race in the United States at Hamline Speedway that later became the track at the Minnesota State Fair. While management of IMEDC has not disclosed its partners, they are currently comprised of professionals in the finance and motorsports industry. Funding for the project will be primarily from private investments.