RAPID CITY - A Monday ruling by a 7th-Circuit Court judge could pave the way for a 2008 auto racing season at Black Hills Speedway.Robert Nash of Rapid City, the Darrows had asked to have until Oct. 30 to fulfill their debt obligation and avoid foreclosure.

Judge Jack Delaney on Monday ruled that actual possession of the speedway property east of Rapid City revert from Eric and Linette Darrow to Floyd and Patty Weisz, formerly of Rapid City and now living in Mina, by May 15.

The Darrows and others, operating as Speedway Enterprises, had purchased the speedway facility from former operators Floyd and Patty Weisz on a contract-for-deed basis in 2002.

According to court documents, The Weisz's initiated foreclosure proceedings on Jan. 25. According to Linette Darrow, Speedway Enterprises has made payments totaling about $500,000 since 2002, but at least $840,000 still remains to be paid to the Weisz's on the contract.

In addition to ruling that the Weisz be allowed to retake possession of the speedway property, Delaney also ruled that the Darrows will have until Sept 15 to pay off their remaining debt.

Through their attorney,

"They (Weisz) are going to get their money," Nash told Delaney Monday. "We just need more time."

In a telephone interview following the hearing Linette Darrow said there was a general agreement among both parties allowing the Weisz's to operate the track, while allowing additional time for the Darrows to satisfy their debts.

Darrow said their initial plans were to continue to operate the track through the foreclosure process, but they made a business decision to not schedule races.

"We did that for six years and we lost for six years," she said. "It didn't make any sense for us to do that."

Nash said the Darrows are in the process of selling off three parcels of the speedway property to pay off debts owed to the Weisz' and other creditors.

On March 11, eight acres of the speedway frontage property along Highway 44 was purchased via auction for $450,000. A separate offer of $600,000 for a 23-acre parcel, including the speedway itself, is also contingent on completion of platting to divide the property into multiple deeds.

Nash said sale of another parcel of the property could raise additional money to pay off the remaining debts on the property.

Through their attorney, Thomas Simmons of Rapid City, the Weisz' indicated a desire to operate the track during the 2008 racing season.

Simmons said the prospective buyer isn't willing to run the speedway this year, and that a conditional use permit requires that a number of races occur each year at the track.

"It's extremely important to keep this (speedway) operating as a going concern," Simmons told Delaney.

Delaney also said the property would be declared in foreclosure if the platting fails and the land sales aren't completed.

"What this means for racers and racing in Rapid City is unclear," Delaney said. "If the facility continues to be unprofitable, it might be more suitable for development."

Floyd and Patty Weisz have continued to hold the deed to the property since buying the track from then-owner S. William Davies in 1985 and operating the track through 1994.

Since then, the Darrows are the fourth party to purchase the track through a contract-for-deed.

No specific plans concerning a 2008 season at the speedway have been announced.

Attempts by the Journal to reach Floyd and Patty Weisz for comment on Monday were unsuccessful.