One of the world's top racing schools has filed for bankruptcy. The Skip Barber Racing School racked up estimated liabilities of between $10 million to $50 million, according to a report by Trackside Online.

At the moment, the school declared their assets at an estimates $5.3 million. It includes $1,489,500 worth of school cars, as well as $1.6 million in parts. The school values their own brand at $2 million, along with their training techniques.

Skip Barber Racing School owes the most to Lime Rock Park at $ 1.225 million. Ironically, Skip Barber himself owns the famed race track but has since sold his controlling assets back in 1999. The school also owes rent to several race tracks in the US.

Skip Barber Racing School has an outstanding bill of $239,617.19 to Road Atlanta, $169,568 to Monterey County, California for rent in Laguna Seca, $112,000 to Mid-Ohio, $105,983 to Palm Beach International Raceway, $56,623.77 to Virginia International Raceway, and $29,600 to Willow Springs Raceway. Besides the race tracks, the school also owes $249,000 to Peoples Credit Card, and $107,770.51 to Penske Truck Leasing, among other creditors. Skip Barber Racing School has specifically filed for Chapter 11 to allow the business to operate while they pay off creditors.

The Skip Barber Racing School was opened in 1975 by Barber after his retirement from professional motorsport. Notable alumni from SBRS include IndyCar champions Tony Kanaan and Helio Castroneves, as well as former Formula 1 driver Juan Pablo Montoya. Many NASCAR and endurance racers also graduated from the school.