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According to a report in today's Los Angeles Times, the National Hot Rod Association (NHRA) agreed yesterday to sell its professional drag-racing series and certain other assets for $109.5 million to a group led by the developer of DirecTV.
The NHRA will remain the sport's non-profit sanctioning body and will focus on its amateur drag-racing activities, according to the report. The PowerAde Drag Racing Series, however, will be acquired by HD Partners Acquisition Corp., a Santa Monica, California, investment firm led by Eddy Hartenstein, the man behind DirecTV.
