Orlando Company Continues To Refine Aircraft

The Las Cruces, New Mexico city council voted Monday night to cancel a lease held by the Orlando-based Rocket Racing League for parcels at the Las Cruces International Airport because, it says, RRL did not complete its facilities as required by the lease.

The Las Cruces Sun-News reports that the lease required RRL to construct hangars and other facilities on six 10,000 square foot parcels by a deadline which was not met. The state had halted construction because of a problem with firewalls in the buildings but RRL was eventually given variance on that issue to allow construction to continue.  RRL had sought #3 million from the New Mexico State Legislature for continued construction, but was not able to secure the funding.

In canceling the lease, Councilor Gil Jones said "I think we all supported the dialogue around this project. No one, as I recall, was opposed to the mission of RRL. But I think everyone recognized it was a risky venture. I hope they continue to find success elsewhere."

In an e-mail responding to a television station inquiry about the story, Rocket Racing League COO Michael D'Angelo said "(I)n May we closed a $5+ million dollar financing round.  In such an economy as now exists, this capital raise is a testament to the Rocket Racing League's ability to execute, and the viability and potential of the business model to become a mainstream multi-platform motorsports company based on competitions involving manned rocket powered vehicles and players in other domains.  It's also a reflection of our ability to remain agile and restructure where it makes good business sense.

So, in this challenging economic environment the Rocket Racing League made a strategic business decision to forgo the building of hangars on the leased parcels in favor of investing available resources in technology development including enhancements to aircraft & rocket engine design, raceway avionics and gaming elements. The Rocket Racing League acknowledges and appreciates the three years of partnership shared with the Las Cruces International Airport, the city of Las Cruces, the state of New Mexico and, most importantly, the local fans in the community in and surrounding Las Cruces.  We anticipate that when the time is right, Las Cruces will be among the cities we look at for rolling out key segments of the league."

FMI: www.rocketracingleague.com