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IHRA Scammers Fake Pouring $2 Million Purse and $650,000 Tow Money Into Offshore Racing Purses
- Thread starter Serious News
- Start date
Ratickle
Founding Member / Super Moderator
One would think, after Professional Racing Offshore, (PRO), and World Powerboat Racing Association, (WPRA), that people would not jump in with any feet, let alone both like into this International Hotrod Racing Association. Like you say, scam after scam. Now this time, we are talking millions instead of 10's or 100's of thousands.
Ratickle
Founding Member / Super Moderator
From June 12th;
Unlike all of the previous owners of the IHRA, the current ownership has the ability to compete with the NHRA on a financial level.
So what is the future of the IHRA? From almost any point of view, the next decade looks pretty bright for the International Hot Rod Association. The IRG has hired some of the best and well-known executives from the drag racing world to run the business, something that wasn’t done in the past with previous owners. In addition to some well-known names on the IHRA management team, the IRG has a reported $40,000,000 line of credit. One bad year with too many rainouts isn’t going to bankrupt or stress the “new” IHRA. They apparently have the will and finances for the long haul.
This guy must have been paid by IHRA to write this in June......
How the IHRA Is Building a Bright Future for Drag Racing
Unlike all of the previous owners of the IHRA, the current ownership has the ability to compete with the NHRA on a financial level.
So what is the future of the IHRA? From almost any point of view, the next decade looks pretty bright for the International Hot Rod Association. The IRG has hired some of the best and well-known executives from the drag racing world to run the business, something that wasn’t done in the past with previous owners. In addition to some well-known names on the IHRA management team, the IRG has a reported $40,000,000 line of credit. One bad year with too many rainouts isn’t going to bankrupt or stress the “new” IHRA. They apparently have the will and finances for the long haul.
This guy must have been paid by IHRA to write this in June......
Ratickle
Founding Member / Super Moderator
Geez, what a scam.
Along with Cuttell himself, the IHRA is actually named in the suit.
That suit alleges that Darana and Cuttell overbilled Space xAI “by hundreds of millions of dollars while selling out their own suppliers and subcontractors along the way,” and “diverted money to Cuttell’s personal side projects,” which would be the IHRA drags etc. and 32 classes of Inshore and Offshore boat racing, drag boating, and Formula 1 boat racing.
Along with Cuttell himself, the IHRA is actually named in the suit.
That suit alleges that Darana and Cuttell overbilled Space xAI “by hundreds of millions of dollars while selling out their own suppliers and subcontractors along the way,” and “diverted money to Cuttell’s personal side projects,” which would be the IHRA drags etc. and 32 classes of Inshore and Offshore boat racing, drag boating, and Formula 1 boat racing.
Ratickle
Founding Member / Super Moderator
This IRG deal mentioned in the article with a $40 million line of credit is confusing. Even more confusing than what we know about already.
Core Operations & Facilities
IRGSE owned and operated four motorsports facilities:
By September 2022, IRGSE had entered bankruptcy and liquidation, marking the end of its operations. Its assets and liabilities were settled through the process, and it is no longer active in the market.
IRG Sports + Entertainment Overview
IRG Sports + Entertainment™ (IRGSE) was a leading marketer and promoter of sports and live entertainment experiences in the United States, Canada, Australia, and New Zealand. The company specialized in motorsports, drag racing, and related live events, operating multiple race tracks, sanctioning bodies, and driving experience programs.Core Operations & Facilities
IRGSE owned and operated four motorsports facilities:
- Palm Beach International Raceway™ (PBIR) – West Palm Beach, FL
- Memphis International Raceway™ (MIR) – Memphis, TN
- Maryland International Raceway™ (MDIR) – Maryland, MD
- Cordova International Raceway™ (CIR) – Cordova, FL
- International Hot Rod Association™ (IHRA)
- IHRA Australia™
- International Roll Racing Association (IRRA)
By September 2022, IRGSE had entered bankruptcy and liquidation, marking the end of its operations. Its assets and liabilities were settled through the process, and it is no longer active in the market.
Ratickle
Founding Member / Super Moderator
RICHARD FREEMAN NEVER WANTED IHRA
“I didn’t go try to buy the IHRA. It wasn’t even in my mirror,” Freeman said. “I went over there to meet with Darryl to buy some of his rolling assets. Only after I left did the IHRA deal come up because I had an interested party. But I was never buying the IHRA.”Freeman said the speculation became enough of a problem that racers began contacting him about unpaid purse money. That was when he decided the distinction needed to become public.
“And I tried to make that clear after I started getting phone calls from people wanting me to pay the purse,” Freeman said. “So that’s the reason I wanted to make sure that everybody understood that. Yeah, that deal’s a total cluster f****.”
“So I feel bad for the people that did go over there and not get paid,” Freeman said. “But in the same voice, I could tell you that they’re a little bit culpable as well because anybody thought that was real was crazy.”
Forget for a moment that Freeman says he never intended to buy it. Suppose the trucks and trailers had somehow turned into the whole operation and Richard Freeman suddenly owned IHRA.
What was he going to do with it?
“Nothing,” Freeman said. “You can’t ever come back from that. Nothing you can do can you come back from that so I don’t… Again, you know what it’s done? It’s created more work for myself. The NHRA and any of these other series, the Midwest series, the PDRA. The people that thought they sold a track and didn’t sell their track.”
For Freeman, the fallout extends beyond the people who raced there. He believes the collapse left other sanctioning bodies, series and track operators dealing with problems they didn’t create.
“All it’s done is create us a lot more s**** to do,” Freeman said. “That’s what it’s done.”
RICHARD FREEMAN NEVER WANTED IHRA; HIS CHIPS ARE ALREADY PUSHED IN WITH NHRA, ELITE MOTORSPORTS | Competition Plus
Freeman's position leaves little doubt about which side of drag racing's sanctioning-body fence he occupies. His investment, his cars and his people are tied
competitionplus.com
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