Rick Hendrick hopeful that a form of franchising is in place by end of year

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CONCORD, N.C. – Team owner Rick Hendrick said Tuesday that he’s hopeful a program will be put in place by the end of this year to give Sprint Cup teams greater value.

Whether that is truly franchising remains to be seen. A phrase used throughout the garage area has been a medallion system. It’s been compared to a taxi medallion – where a city-issued license is granted to operate a cab and provides that company value because of the scarcity of medallions.

NASCAR Sprint Cup owners have been looking for years ways to build value in their teams. If sponsorship goes away or an owner leaves, all that’s left of a team is a building and equipment.

It’s like what is happening to Michael Waltrip Racing. Rob Kauffman, who provided the team’s financial backing, is leaving to purchase a minority interest in Chip Ganassi Racing. MWR will cease operations by early next year and lay off 217 employees.

“It’s a great sport, but a very difficult business model,’’ Kauffman said last month at Bristol Motor Speedway. “From a business decision it just made sense to not go forward with that organization because it isn’t really commercially viable.’’

Had a medallion program been in place, Kauffman could have had sold his interest because the team’s value would have been based on more than sponsorship and equipment. That would mean less of a risk to a new buyer. Just as new owners have emerged in the NBA in recent months with its franchising, the same could happen in NASCAR.

“I think it’s going to help bring new owners in because if you’ve got something that makes your team worth something and you want to retire, you can sell it,’’ Hendrick said. “It’s going to help grow new ownership.

“I’m hoping my son-in-law and everybody wants to continue. If they were not … it brings value. People will pay for value. They have a guaranteed starting spot and an income stream.’’

Kauffman, chairman of the Race Team Alliance, has pushed for such a program, noting the significant financial challenges owners face.

“The sport is at a point,’’ team owner Richard Childress said in July, “(that) to be able to keep quality teams, NASCAR knows they’ve got to work in other areas to try to help all the teams survive.’’

Should such a program not be in place by the end of this year, Hendrick said “I think it will be (unveiled) early in ’16.”

 

 

Helio Castroneves rules out Daytona 500

Helio Castroneves Daytona 500
Robert Scheer/Indy Star/USA TODAY NETWORK
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DAYTONA BEACH, Fla. – Helio Castroneves might be at the 2023 Daytona 500, but the four-time Indy 500 winner won’t be in a race car.

During a news conference Thursday at Daytona International Speedway, Castroneves confirmed in response to a question from NBC Sports that he essentially has ruled out attempting to make his NASCAR Cup Series debut in the Feb. 19 season opener.

As recently as last Thursday at Rolex 24 Media Day, Castroneves, 47, said he still was working on trying to piece together a deal.

The Brazilian had been negotiating with the Cup team co-owned by boxer Floyd Mayweather and would have been in an “open” entry that lacked guaranteed entry to the Great American Race. That potentially would leave him in the precarious position of needing to make the race on qualifying speed or a qualifying race finish (as action sports star Travis Pastrana likely might need in his Cup debut).

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“Unfortunately for me, lack of experience, no testing,” Castroneves said. “A lot of things. I believe it would be a little bit tough throwing myself in such a short notice, and to go in a place that you’ve got to race yourself into it. So as of right now, yes, it’s not going to happen.

“But we did have an opportunity. We just got to elaborate a little bit more to give me a little more experience on that. So there is more things to come ahead of us, but as of right now, I want to focus on the IndyCar program as well and (the Rolex 24 at Daytona).”

Castroneves, who has a residence in Key Biscayne, said he still might attend the Daytona 500

“I might just come and see and watch it and continue to take a look and see what’s going to be in the future,” he said.

Castroneves enters Saturday’s Rolex 24 at Daytona having won the event the past two years. He made his signature fence-climb after winning last year with Meyer Shank Racing, which he will be driving for full time in the NTT IndyCar Series this year. He became the fourth four-time Indy 500 winner in history in his 2021 debut with Meyer Shank Racing.

The 2020 IMSA WeatherTech SportsCar champion also has indicated an interest in Trackhouse Racing’s Project 91 car that aims to place international drivers in a Cup ride (such as Kimi Raikkonen at Watkins Glen International last year). Team co-owner Justin Marks recently tweeted Trackhouse wouldn’t field the Project 91 car at the Daytona 500.

After winning the 2022 Superstar Racing Experience opener, SRX CEO Don Hawk had promised he would help secure a Daytona 500 ride for Castroneves.

Castroneves has been angling for a NASCAR ride for years, dating to when he drove for Team Penske from 2000-20. After winning the Rolex 24 last year, he said he had been lobbying Ray Evernham and Tony Stewart for help with getting in a Cup car.

Though Castroneves is out, Sports Business Journal’s Adam Stern reported that Mayweather’s The Money Team Racing still is considering IndyCar driver Conor Daly for its seat.

Fire at Reaume Brothers Racing shop injures three

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A Thursday fire at the Reaume Brothers Racing shop in Mooresville, North Carolina, injured three individuals, according to Mooresville (North Carolina) Fire-Rescue.

Firefighters were dispatched to the shop, which is scheduled to field entries for driver Mason Massey in the NASCAR Craftsman Truck Series this season, at about 11:30 a.m. Thursday.

The fire department extinguished the blaze quickly. The department stated on its Facebook page that one individual was transported to Lake Norman Regional hospital for smoke inhalation, and another was transported to Baptist Hospital in Winston-Salem, N.C. with burn injuries. A third was treated and released.

The team stated Thursday night on social media that Taylor Collier and Devin Fokin had been treated and released. The team stated that Taylor was treated for smoke inhalation and Fokin was treated “for serious burns.”

The Mooresville Fire Marshall’s office is investigating the cause of the fire. The fire department said the shop sustained “significant fire damage.”

In a tweet, the team said it is determining the extent of damage to the building. “More importantly,” it said, “a few of our team members did sustain injuries during the fire and are being transported for medical treatment.”

 

Trackhouse, RFK Racing, Front Row Motorsports sign sponsorship deals

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Trackhouse Racing, RFK Racing and Front Row Motorsports announced sponsorship deals Thursday morning.

Trackhouse said WWEX, a Dallas-based global logistics group, will increase its sponsorship presence with the team this year, serving as the primary sponsor in 21 races for drivers Ross Chastain and Daniel Suarez.

WWEX will appear on Chastain’s Chevrolets in 19 races and will sponsor Suarez twice. The organization was a Trackhouse sponsor in 11 events in 2022, which was a breakout season for both Chastain and Suarez.

RFK announced that Solomon Plumbing, which joined the team last season, will expand its presence this season and in future years. The Michigan-based company will serve as the primary sponsor for several races on driver Brad Keselowski‘s No. 6 Ford.

MORE: Chase Briscoe signs contract extension with Stewart-Haas

Solomon specializes in plumbing and fire services for new development and construction. It initially sponsored Keselowski last season in the dirt race at Bristol Motor Speedway.

Front Row Motorsports has signed Quincy Compressor, a Bay Minette, Ala.-based compressor manufacturer, as a sponsor for four races.

Quincy will sponsor Todd Gilliland‘s No. 38 team in three events and Michael McDowell‘s No. 34 team in one race.

 

 

Stewart-Haas Racing signs Chase Briscoe to contract extension

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Chase Briscoe has signed a multiyear contract extension to remain at Stewart-Haas Racing, the team announced Thursday.

The length of the deal was not announced.

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Briscoe is entering his third Cup season with the team. He won his first series race last year, taking the checkered flag at Phoenix last March. That victory put him in the playoffs. He finished the season ninth in the standings. 

“It’s huge to have stability, with my team and my partner,” Briscoe said in a statement from the team. “It just gives you more confidence. Stewart-Haas Racing is where I want to be for a long time. It’s the place I’ve known longer than anywhere else in my NASCAR career.

“I remember getting signed by Ford in 2017 and I told people, ‘You know, if I could pick one place to be, it would be Stewart- Haas Racing. And if I could drive one car, it would be the 14 car. That would be the ultimate dream.’ And now, here I am.

“SHR has such a great group of people, from the Xfinity Series to the Cup Series, and they’ve all just guided me in the right direction. From drivers to crew chiefs to crew members, they’ve always had my back, and that’s been a huge help – just having people believe in you.”

The 28-year-old Briscoe has been with SHR since 2018. He split a limited Xfinity schedule that season between what is now RFK Racing and SHR. He ran full time with SHR in the Xfinity Series in 2019 and ’20 before moving to Cup in 2021.

“Chase has made the most of every opportunity and the proof is in the results. Keeping him at SHR was a priority and we’re proud to have him in our racecars for many more years to come,” said Tony Stewart, who co-owns SHR with Haas Automation founder Gene Haas, in a statement from the team. 

Briscoe’s signing comes two weeks after teammate Kevin Harvick announced that this will be his final season in Cup. 

The Cup season begins Feb. 5 with the Busch Clash at the Los Angeles Memorial Coliseum before going to Daytona for the Feb. 19 Daytona 500.