Williamson, who owns more than 90% of SPRI now, has also offered to purchase two other subsidiaries, auto parts makers The Colonel's Inc., and Rugged Liner, Inc., both Michigan corporations, as part of the deal. Williamson offered to transfer 40 million shares of SPRI stock to the SPRI treasury in exchange for the subsidiaries.
SPRI will retain all assets associated with a planned sports complex located at I-75 and Mount Morris Road in Mount Morris Township, near Flint. The property consists of approximately 330 acres, owned or under option, on which it plans to build a one-half-mile dirt track accommodating automobile and motorcycle racing events, horse racing, and an 11,000-seat domed coliseum hosting basketball, hockey, arena football, concerts, boxing and wrestling. An upscale hotel, a themed restaurant, a super automobile service center and a wide variety of specialty retail shops are also planned as part of the previously announced Mount Morris project.
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