CHANDLER, AZ — After filing for Chapter 11 bankruptcy and working toward restructuring the business, the Bob Bondurant School of Racing announced Thursday that it has found new owners.
In a news release, the high-performance driving school said it will be purchased by Stig Investigments, Inc., "a small group of business leaders with significant experience bringing organizations to maximum profitability and growth." They are also reportedly Bondurant school graduates, racing enthusiasts and automobile collectors.
The deal is expected to close in the coming weeks, the release said. The price was not disclosed.
“We plan to establish the next generation of race car learning and entertainment as popularity in car racing and interest in consumer destination experiences continues to grow,” said Bruce Belser, who will become CEO when the deal closes, in a prepared statement.
Bob Bondurant, a former race car driver, opened the Phoenix-based school in 1990. Prior to that, Bondurant operated schools in Los Angeles, Ontario and Sonoma, California, according to the school's website.
The news owners said in the release that they plan to stabilize the business's finances and "infuse significant capital into the business to enhance the guest experience for individuals and groups," while not disrupting the experience of current students and future students.
The school is open and classes are in session, the school said.
“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,” said Tim Shaffer, chief restructuring officer.
The school voluntarily filed bankruptcy in October 2018. In February, the school celebrated its 51st anniversary.
The school has a 1.6 mile, 15-turn track; a street-style course; a half-mile, 15-turn kart track; and an eight-acre asphalt skills pad.