Yesterday, Valentine's DayIrwindale Speedway LLC, the group that runs both the oval and dragstrip at Irwindale, filed for Chapter 7 bankruptcy...

For those not familiar with Chapter 7, that's basically what you file when you've got no hope of pulling a business out of its nose dive, and creditors clammoring for payment. Typically a trustee is appointed in short order, who examines all aspects and assets of the business, and begins liquidiation to generate cash to pay the creditors.

In its filing in U.S. bankruptcy court, Irwindale LLC posted a debt of $331,773.11, with almost half of that relating to $150,000 owed on a personal-injury claim. Irwindale Speedway LLC also owes Nu-Way Industries Inc., the property owners where the track and offices are built, $55,000 in rent.

Irwindale Speedway LLC has two more outstanding personal injury claims with unknown values, a debt of $8,093.51 owed to the Irwindale Police Department, $16,379.58 owed to the Golden State Water Company, and $1,437.50 to the San Gabriel Valley Tribune for advertising.

With its closing, the Southern California area has lost another safe venue for drag and oval racers to enjoy their hobby at. Owners of the property have expressed their desire to see racing continue, which gives hope that both tracks will reopen in the near future. For the time being, with the commercial real estate market being in the toilet, the property should be safe from sale/demolition.

Always a sad day to see a racetrack close its gates for possibly the last time.