BREAKING: Saleen, Inc. sells off most of its assets
 

Rumors have been swirling this past week about the potential sale of Saleen, Inc., just a few months after the company announced it would explore the sale of its operations. LA-based Hancock Park Associates, which purchased a majority of the business from Steve Saleen just a few years ago, had been recently running the company with just a few dozen employees to keep the business goingn until it could find a buyer. The sale is now finally official, with MJ Acquisitions purchasing a majority of the assets of the company including both the production car and aftermarket divisions. Other assets, including the S7, S5 Raptor and the paint operations remain with Saleen, Inc. Currently, all Saleen employees are officially out of a job, including CEO Chris Theodore, but MJ Acquisitions plans on hiring many of the workers including several that were previously laid off.

The new owners seem to be a good fit, already owning several automotive companies and benefiting from extensive experience in engineering and production related to performance vehicles. MJ Acquisitions' immediate plans include the development of the 2010 Mustang for the Racecraft brand as well as new Saleen models that will be introduced in the third quarter of 2009.

[Source: SOEC.org]

Steve is a great guy. He used to come to Cars & Coffee every week in a different S7. He always had cool stories. The shop they built in Irvine was a bold move. But I just couldn't see it surviving. I hope everything works out for them.

:( that sucks!

Steve Saleen is lucky he got out when he did!

I really hope the S5 Raptor gets built. Aside from the new McLaren that's is being developed, the Raptor is perhaps the most exciting car to be released in the next year, imo.

Just last night I was wondering about Saleen. I haven't heard or seen anything about the S7 in quite a while. That's crystal ball creepy...

I thought it was odd for them to leave show/test drive vehicles in the regular parking lot. I've stopped by a few times after the movies (in the same plaza) to take a gander. Security was not pleased.