Palm Beach International Raceway major acquisition being announced by owners

PALM BEACH COUTY, Fla. - At Palm Beach International Raceway in Jupiter, the excitement usually unfolds on the track. But that is not the case this time around. A new deal is being announced concerning a major acquisition by current raceway owners.

This was a private deal, says CEO Jason Rittenberry. Many staffers at the raceway off the Beeline Highway did not even know about the acquisition until Tuesday.

The owners of Palm Beach and also Memphis Raceways announced that they have just finalized a deal acquiring the International Hot Rod Association, or IHRA. The new ownership immediately takes over IHRA Motor Sports, an organization dating back 43 years.

The acquisition does mean some changes will come to PBIR in the form of additions to the race schedule. Nitro Jam, a fan favorite that left the track in 2010, will return in either May or September of 2013. The even was one of the largest in the history of PBIR.

Those additions, Rittenberry says, will impact more than just life at the racing facility.

"It means room nights, restaurants, and hotel spending," he said. "We'll really be bringing new, additional dollars into Palm Beach County with the addition of new events that we would not have had before at PBIR. without this acquisition."

Rittenberry said several new jobs will be added at PBIR, though it is unclear how many will be created.

The cost of the acquisition of the International Hot Rod Association is not being made public at this time.