Skip Barber Racing School LLC has had a rough go lately, owing $10 to $15 million worth of debt to its creditors and leading to a bankruptcy filing back in May of 2017. Now the school has been acquired by Liquid Asset Partners with the physical assets and brand to be sold.

After over 40 years in business, the Skip Barber Racing School has developed a great reputation and an impressive list of graduates, including Michael Andretti, Danica Patrick, Juan Pablo Montoya, Bill Elliot, Jeff Gordon, Kyle Petty, Al Pacino, Charlie Sheen, Jerry Seinfeld and more. The school offers a variety of driving courses tailored to daily driving, racing, and advanced courses for police officers.

The company’s new owners, Liquid Asset Partners state that problems with the company’s structure have led to its financial troubles. The school owes large sums in track rental fees to many tracks across the U.S., including Road Atlanta, Mazda Raceway Laguna Seca, Mid-Ohio, Palm Beach International Raceway, Virginia International Raceway, Willow Springs and more. The company possesses about $5.3 million worth of assets, including a $2 million value placed on the Skip Barber Racing School brand and techniques. Physical assets, including "hundreds of race cars and high-performance engines, transmissions, and components for Barber formula race cars, Mazda Miata, Porsche 911, Mustang GT, semi-trailers, trucks, fleet equipment, race equipment, memorabilia," and historical vehicles, will be sold over a three-month liquidation sale starting Aug. 29, 2017 in Braselton, Georgia. The Skip Barber Racing School brand is also currently available.

It's important to note that Skip Barber divested himself from Skip Barber Racing School LLC back in 1999.