Bobby Hillin Jr attempted to buy a stake in RCR
Richard Childress Racing has been in business since 1969. They currently field two full-time cars in the NASCAR Cup Series driven by Kyle Busch and Austin Dillon.
Dale Earnhardt won six of his seven NASCAR Cup Series championships with RCR (1986, 1987, 1990, 1991, 1993, 1994).
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In court it was revealed that New York based firm Chartwell Investments bought a 40% stake in the team back in 2003. And in the last 5-6 years, they have been attempting to sell their portion.
A group led by former NASCAR driver Bobby Hillin Jr. was attempting to purchase a stake in the team.
The group was specifically interested in acquiring the Chartwell portion of the team. Though, Childress also noted that he was considering selling an additional portion of his 60% majority ownership in the team.
However, they were unable to stake a deal.
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Non-disclosure
This information surfaced in the 23XI Racing / Front Row Motorsports lawsuit against NASCAR. Childress testified that the team was under financial strain leading up to the charter negotiations.
The number of new details that have been surfacing in court have been endless.
The team owner noted that RCR could only turn profits with other portions attached to the business. For example, ECR, owned by RCR, supplies engines to many Chevrolet teams.
The most interesting part of this coming up is that these were private negotiations. Childress himself was surprised by the discussion surfacing in court.
“I don’t want to answer that,” Childress initially stated before explaining how the deal feel through.
Both sides signed a non-disclosure agreement, hiding the financials of the team during the negotiations. The team owner was flustered that they surfaced.
Childress added, “Every bit of this has nothing to do with this.”
They asked the Judge to force reveal the name that presented the information.
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