1970 stock plan tried to keep Hanford Motor Speedway alive

I ran across an interesting item in an Oct. 1, 1970, Modesto Bee column by Art Glattke that references promoter J.C. Agajanian's plans to issue stock in order to pay for Hanford Motor Speedway improvements -- including grandstand seating for 20,000, new pits and a new infield tunnel -- required to continue hosting USAC races.

Glattke, citing a story by The Fresno Bee's Everett Feay, reported  Agajanian was trying to raise at least $750,000 by selling stock at $25 per share in blocks of 100 (and a maximum of 300). At that time, $400,000 reportedly had been raised, but "incorporation papers say the firm must have the $750,000 stock sale or no go."

"The USAC board recently gave tentative approval for Hanford's race plans and Aggie (Agajanian) is talking in terms of two Indianapolis car events and possibly a stock car program on the mile and a half triangle," Glattke wrote.

Obviously Agajanian's plan failed. I'll try to find out why, but if anyone knows, leave a comment or otherwise contact me.

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RELATED STORIES: Read more about Marchbanks Speedway and Hanford Motor Speedway in my Marchbanks section, including this regularly updated "History of Marchbanks Speedway, aka Hanford Motor Speedway."