Erik Buell Racing Closes Its Doors
Erik Buell Racing will cease production of its motorcycle line up and has filed for receivership, the Milwaukee Journal Sentinel has reported.
In a statement, company founder Erik Buell said, “The turn we recently took, after we thought we were moving forward, was unexpected. We thought we had secured funding, but in the end, we were not able to get the funding in place. Therefore we need to do the best we can under the circumstances for all parties in interest.”
Those parties include the 126 employees as well as international distributers, dealers and customers.
EBR is now officially closed, with attorney Michael S. Polsky the court-appointed receiver at EBR’s request, and has filed for court protection from creditors.
“To say this setback is a disappointment does not begin to express what I feel right now,” Buell said. “I am personally grateful for the support of our outstanding workers, customers and vendors. While this is a sad ending, I personally hope for a new and better beginning.”
Erik Buell started Erik Buell Racing following the demise of the Buell brand, previously owned by Harley-Davidson until 2009, when H-D wound the company up. EBR had acquired backing form Hero MotoCorp, selling 49.2 percent of the business to the Indian powerhouse for $25m.
This season was to be Team Hero EBR’s second in the Superbike World Championship, with riders Niccolo Canepa and Larry Pegram sitting 24th and 22nd in the championship following the latest round at Aragon in Spain.