The Bob Bondurant School of High Performance Driving in Chandler is being purchased by three investors who made a winning $1.675 million bid for the company March 22 in a bankruptcy-court auction in Phoenix.

Stig Investments Inc. was formed with the purpose of buying the legendary racing school, which filed for bankruptcy protection in October. The three investors, all based in the Southeastern U.S., are Bruce Belser, Jeff Hunter and Pat Velasco.

All three investors are graduates of the school, which caters to racing enthusiasts and automobile collectors but also trains teen drivers, those in military and police work and members of the general public.

'We are here for the long term'

Belser, who will become CEO once the sale closes around May 1, said he is relocating to the Phoenix metro area. He's an entrepreneur who served as a Delta Airlines commercial pilot as well as a fighter pilot and commander in the Air Force.

The school currently employs 21 people and is operating at about 60 percent of its potential, Belser said in an interview.

The 100-acre racing facility includes a three-mile track with 26 turns. The school maintains more than 100 high-performance vehicles, including Dodge Challengers. Most of the autos are leased, Belser said.

Belser said he and his colleagues will immediately make investments such as improving the track and repairing or replacing air-conditioning units in buildings at the facility, which is located on leased land. The school is currently operating and classes are in session, many ranging from one- to four-day courses.

"We are here for the long-term," said Belser. "There's a lot of untapped potential. It's a very viable business."

Bankruptcy chapter closing

The purchase will take the school out of bankruptcy when it closes, Belser said. The school owed creditors between $1 million and $10 million, according to court filings.

The 20 largest creditors in October filed claims totaling around $1.1 million, with Bancorp Bank at the top with $526,000 and Chase Cardmember Services next at $106,000. Other creditors included a law firm, an insurance company, a fuel company, a bakery and a vehicle dealership, Tempe Dodge Chrysler.

The winning-bid proceeds will go to repay creditors and court costs, Belser said.

Patricia Bondurant, wife of founder Bob Bondurant, served as the school's president and CEO at the time of the bankruptcy filing.

Tim Shaffer, who was hired by the school and approved by the court to oversee daily operations during the bankruptcy period, said classes continued mostly uninterrupted, except for one week of disruption last year.

"We were able to maintain jobs and relationships and the customer base," he said. "This is a textbook, classic success story for a Chapter 11 (bankruptcy)."

The pending purchase is the second notable development for racing enthusiasts and drivers of high-performance vehicles in the area. Apex Motor Club recently announced it has completed the first segment of its private race track in Maricopa, a short drive west of the Bondurant location, and is accepting new members.

Belser said there could be synergies with Apex but said the two groups haven't explored any potential ties.

The Bondurant school, which was started in Southern California in 1968, claims to have graduated more than 300,000 drivers of various skills levels since its founding. It moved to the southeast Valley in 1990. Graduates include professional race drivers as well as celebrities, star athletes and corporate executives.

Reach the reporter at russ.wiles@arizonarepublic.com or 602-444-8616.