CHANDLER - The Chandler Speedway auction scheduled for this week has been canceled. Our partners at WEHT-TV report that track owner Reno Fontana has filed for bankruptcy in order to put a freeze on any debt collection, including sheriff's sales.

The business says a bankruptcy filing was made by Presleyland Speedpark, LLC, the recorded owner of the real estate set for sale by auction. Aaron Wilson with Wilson Auctions clarified on Facebook that the auction has been postponed.

The property is 131 acres with a dragstrip, oval track and a C-4 commercial zoning. 

So far, no details about rescheduling the auction have been made public.