Exclusive: Private Equity Firm Set to Buy Willow Springs Raceway
The buyer says it is "excited to preserve the legacy and enthusiast access to one of America’s most iconic racing facilities" after the track was listed for sale in 2024. The post Exclusive: Private Equity Firm Set to Buy Willow Springs Raceway appeared first on The Drive.
A private equity firm by the name of CrossHarbor Capital Partners is in the process of acquiring the famed Willow Springs Raceway in Rosamond, California. A spokesperson for the company confirmed to The Drive that while the sale is not finalized, the purchase is currently “pending.”
“While CrossHarbor Capital can not provide details on acquisitions before they are complete, we can confirm that a deal is pending and the team is excited to preserve the legacy and enthusiast access to one of America’s most iconic racing facilities while also setting up the property for growth and success in the future. More details will be released soon,” read the statement provided to The Drive.
The Drive received a tip that alleged CrossHarbor was involved in a deal to buy the track, which the company confirmed when we reached out. According to its website, the Boston-based firm “manages multiple fund strategies that invest across the risk/return spectrum on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, financial institutions, family offices, and sovereign entities.”
It’s too soon to speculate about the firm’s intentions for the beloved race track, which opened in 1953, though the carefully worded statement gives us hope that its legacy and enthusiasts’ access to the facility will remain a top priority. It’s safe to assume that more details will be forthcoming once the sale is finalized.
Willow Springs Raceway was listed for sale in June of last year, after 62 years under the care of Bill Huth and his family. Huth passed away in 2015, at which point the family continued running the track the way he always did: cheap, no frills, frozen in time, and perhaps more relevant to this moment, against all financial sense. The iconic track transported its many fans to a time when American road racing was producing legendary drivers who took on Europe’s finest; a time when names like Ken Miles were permanent fixtures at Willow.
The asking price was never revealed, though the listing included everything within the venue’s 600 acres, including its seven individual tracks, cinderblock office and garage buildings, maintenance equipment, and even the snack bar famous for serving hot dogs and fried fish sandwiches. Most parking areas were dirt, and the venue only featured a few spectator zones, though some rather special ones like the balcony on Big Willow provided great viewing opportunities. Given its size, terrain, and absurdly cheap passes for track days and club racing, it’s fascinating to think this place exists just 90 minutes from Los Angeles.
It’s this absurdity that likely led to the eventual sale of the track. Willow Springs was cheap to rent. Despite being featured in blockbuster movies like Ford vs. Ferrari, constantly being booked by racing clubs—and media publications and automakers alike for video productions, photo shoots, or the occasional media drive—prices always remained low. You can rent Big Willow for a full day for under $5,000, which is a bargain compared to just about any other comparable track nationwide.
How will this change once CrossHarbor Capital Partners takes over? It’s too soon to say, and this is merely speculation, but the first order of business will be to raise prices. Even if it planned on leaving the facility as it currently is, things are more expensive now, staffing is always just a bit short, and many aspects of the place could use some updating. Will the new owners want to open all seven tracks every day or only on weekends? Will it keep all tracks alive or get rid of the lesser-used ones? Big Willow and Streets are icons that you’d think would be safe, but everything else, who knows?
Lastly, will Willow Springs Raceway morph into a sort of Thermal 2.0? Y’know, multi-million-dollar condos, grandiose garages, a country club, spa, pool, green areas, and perhaps even a posh hotel given the lack of nearby accommodations. The original listing already pitched most of these ideas to potential buyers, so it wouldn’t be a surprise to see them come to reality. If CrossHarbor wants to keep the doors open for another 70-plus years, it’ll have to find clever and sustainable ways of generating a healthy income.
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The post Exclusive: Private Equity Firm Set to Buy Willow Springs Raceway appeared first on The Drive.
