The historic Tulsa Raceway Park will reopen thanks to a new partnership.
In October it was announced the 46-year-old race park was closing because the economy had taken its toll.
After hearing the news, two local businessmen, Todd Martin and Keith Haney, came together to form a new partnership called T&K Management.
The group signed a multi-year deal to lease the facility, making it possible for the track to reopen next year.
It should come as no surprise, both men are longtime racers.
"Drag racing is part of my family," said Martin. "All the guys I race with, the people I do business with, the people in the community...it's a small family and I'm doing it to keep that family together."
Helping to facilitate the partnership was the City of Owasso.
City officials hope the newly managed facility will give their community an economic boost.
"We hope that people who come and enjoy this great facility will also come into our community and stay in our hotels, eat in our restaurants and shop in our retail locations too," said Chelsea Harkins, director of economic development for the City of Owasso.
There are already new plans for the facility, including more entertainment options like concerts.
"We're going to have a drag race and a mud race going on at the same time," said Haney. "We'll have a carnival out in the middle of it so people can bring their kids.There's very few tracks around the country that do it the way we want to do it."
Managers said the race and events schedule for 2012 will be released in the near future.