ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Tuesday, June 18, 1996 TAG: 9606180073
SECTION: SPORTS PAGE: B-3 EDITION: METRO
DATELINE: RADFORD
SOURCE: CHAD WILLIS STAFF WRITER
RACING FAN Dice Hammer buys part of New River Valley Speedway and brings an infusion of capital to the Radford track.
New River Valley Speedway officials have announced that co-owner John Frazier has sold his interest in the track to Dice Hammer, a partner in the Massanutten Resort ownership group.
``I've always had an interest in racing and have known for some time that John was looking to sell his share,'' Hammer said. ``I'm looking forward to working with [co-owner and promoter] Ronnie Snoddy. I don't know of another facility in the state that is as good as the New River Valley Speedway.
``I think in the long run we may even be able to build up the track area a little bit and attract some of the larger races. The speedway has the capacity and would be an excellent host for such events.''
According to Snoddy, Hammer's purchase poses no immediate changes in the day-to-day operations of the speedway.
``Dice will be sort of a silent partner here at the speedway,'' Snoddy said. ``For him, this is just a business deal. He doesn't really want to have anything to do with the daily business of the speedway.
``But having him as an owner is important because he brings a lot of financial backing to the speedway. If anything should ever happen where he and I need to put more money into the speedway, he won't have any problems.''
The deal was completed in early May, Snoddy said, but an announcement was delayed in order to allow Frazier to perform his regular duties until his June 8 departure.
``It was just a business decision,'' Snoddy said. ``Johnny decided it was just the right time to sell his part of the speedway to Dice.
``He made some money by selling the track, but one of the biggest reasons he sold his share was he was getting tired of the daily drive to and from Charlottesville.''
Frazier and Snoddy purchased the speedway July 1, 1993, for just over $1 million.
The parties involved refused to comment on the amount Hammer paid for Frazier's 50 percent interest in the .416-mile NASCAR sanctioned track.
LENGTH: Short : 50 linesby CNB