When the AMA board decided they had to sell off their Pro Racing asset to Daytona Motorsports Group, the justification frequently used to support doing so was that AMA Pro Racing was a significant drain on AMA's resources and it could, if not sold, drag the entire association down financially.
(Of course, verifiable figures to support this were never shared with any AMA members that I am aware of. One member we know asked repeatedly to see complete documentation on AMA Pro Racing's/Paradama's financial history up to the sale to DMG. Response? "No.")
Clearly even an AMA without the supposed cement block of AMA Pro Racing or Paradama tied around its ankle is in serious financial trouble.
The most recent tax filing by the AMA, for the period ending 9-30-2012, shows that in just that period alone the AMA lost $1.7 million dollars. This on top of the prior year's filing, which showed a $1.4 million dollar loss.
Among the more interesting details on the AMA's tax return are that AMA President Rob Dingman's salary is still an impressive $236,000 a year. Also, on page two, 4c, it states "The AMA continues to be the largest motorsports race sanctioning body in the world ..."
A PDF of the AMA's return is here, and is under 2 meg in size.
From the Soup Wayback:
AMA Tax Documents Suggest Devastating Financial Picture
The $1.9 Million Mystery