(EDITOR'S NOTE: This statement was released to the media on Friday from Doug Stafford, executive vice president of Lowe's Motor Speedway, regarding the speedway's current situation with ASA. Our Bob Dillner spoke with LMS' H.A. "Humpy" Wheeler about the situation and we'll have more on that soon.)
"We entered into an agreement with the American Speed Association to conduct a sanctioned ASA race on October 14. Approximately one month prior to the race, the speedway forwarded funds to ASA for sanction fees, purse, officials and other event-related expenses as outlined in the contract.
"The ASA informed the competitors during Thursday's drivers meeting that they did not have sufficient funds to pay the purse for the Aaron's 99. Traditionally the ASA and other similar series pay purse monies to competitors immediately following the conclusion of the event.
"ASA officials have asked for an extension to October 31 to pay the purse monies to the competitors in last night's event. Lowe's Motor Speedway officials have guaranteed the competitors purse money should ASA fail to pay by the extended deadline.
"In consideration of this guarantee, speedway officials are currently holding certain ASA assets as collateral until the financial situation is resolved. These assets include various trucks, trailers, electronic equipment and a safety vehicle.
LMS Officials surrounded the ASA hauler on Thursday night. (51 Photo)
"Humpy (Wheeler) and I both feel the ASA is strongly needed in American Motorsports. They have been the model of controlling expenses for competitors and their racing is very exciting. They provide a great platform for young drivers to advance to NASCAR's higher levels."