Tooele County officials Wednesday officially announced an agreement in principle to sell the 511-acre Miller Motorsports Park for $20 million to the Mitime Investment and Development Group — a subsidiary of Geely Holding Group, the Chinese owner of Volvo.

Once the transaction is complete, the facility will be renamed as the Utah Motorsports Campus.

The deal would make the racing centre become a first-of-its-kind racing, training and educational complex that produces the next generation of racing champions, engineers and designers.

The agreement includes investment in the property of nearly $270 million over the next decade, Tooele County commissioner Shawn Milne noted.

Additionally, the company has pledged to invest roughly $1 billion over the next 25 years as it expands and develops training, education and tourism elements to the facility.

Miller Motorsports Park opened in 2006 and was touted as being one of the finest racing facilities in the world. It was also a huge financial drain on the Larry H. Miller Group of Companies, losing millions of dollars over the years.

Taken from Desert News