Analysis: Furniture Row Racing’s demise leaves lingering questions

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Tuesday’s news that defending series champion Furniture Row Racing will cease operations after the 2018 season will send shockwaves reverberating through NASCAR for months and possibly years to come.

What led to this stunning development happen and what’s next?

Here are some cracks at answering the myriad questions prompted by the shutdown of the No. 78 Toyota:

Why is Furniture Row Racing closing after saying it wasn’t an option less than a month ago?

A: The situation grew much more dire than the team had hoped since 5-hour Energy announced its impending departure in mid-July, which is a suboptimal time to begin a sponsorship hunt to fill an eight-figure budget hole.

By the third quarter, most companies already have their marketing budgets set for the following year, and NASCAR sponsorship deals often require an enormous lead time of several months anyway. Furniture Row Racing scrambled for money, leaning on help from NASCAR and other teams in the search, but there wasn’t enough time.

To continue fielding a team at a cost of likely more than $20 million annually, team owner Barney Visser would have “to borrow money to continue as a competitive team, and I’m not going to do that.”

Why didn’t Visser just return to writing the checks with his furniture company serving as the de-facto primary sponsor of the team?

A: That worked for roughly the first decade of the team’s existence (though it ran full time in only one of its first five seasons). Even as recently as when Truex made the championship round for the first time, every race in 2015 was sponsored by Visser’s Furniture Row/Denver Mattress companies.

But Bass Pro Shops and Auto Owners Insurance picked up nearly half the season on Truex’s car in ’16, and Furniture Row reached peak sponsorship in ’17, filling nearly two-thirds of the races with outside sponsorship on the No. 78 while adding a second car in ’17 with 5-hour Energy as a sponsor for Erik Jones.

After Corporate America began footing the bill, it obviously became harder for Visser to open his wallet again. The first major sign was when the team shuttered the second team after a single season with Jones, moving the 5-hour Energy sponsorship to Truex’s car and essentially removing Visser’s companies from its funding mechanisms.

Visser, 69, has a family that doesn’t seem as passionate about racing as its patriarch, and he also gained a fresh perspective on life after suffering a heart attack a few weeks before winning the 2017 title.

“I had a wake-up call last year and while I feel great, I need to make the best decisions that will have an impact on myself and my family,” he said. “My wife Carolyn and the entire Visser family have been supportive of our racing journey and it’s been one incredible ride for all of us.”

Did the team’s relationship with Toyota Racing Development technical partner and rival Joe Gibbs Racing have an impact?

A: Yes. According to the release announcing its impending closure, Furniture Row Racing cited “the rising costs of continuing a team alliance with Joe Gibbs Racing” as a reason it couldn’t bridge its 2019 budget shortfall. Beyond the financials, it’s difficult to discern whether underlying tension also was a factor.

All indications publicly were that the crew chiefs and drivers got along well (aside from that flareup at Indianapolis Motor Speedway last year), but it was trickier to get a read on the team owners. While there were no signs that the relationship was frosty, there also weren’t been many indications of chumminess, either.

Mixing business clientele and competition has proven complicated in NASCAR’s cutthroat world when the client begins outrunning its supplier (look no further than the contentious final two seasons of the alliance between Hendrick Motorsports and Stewart-Haas Racing). Joe Gibbs Racing began supplying chassis to Furniture Row in 2016, and Truex has 16 victories since then while regularly outperforming Gibbs’ drivers last year.

What’s next for Martin Truex Jr. and crew chief Cole Pearn?

A: Multiple reports have both headed to Joe Gibbs Racing together next season. Given their success, it would be natural for them to be a package deal, though Pearn has expressed some misgivings about his first go-round with living and working in North Carolina as a NASCAR team employee.

Can the team still contend for a championship in 2018?

A: If it makes the championship round for the third time in four years, the narrative would continue of being the underdog that consistently overcomes major adversity (just look at the 2017 season in particular).

But it’s never faced a situation as turbulent as 61 team members looking for work while also building race cars. Analyst Steve Letarte said on NASCAR America that he’ll be surprised if the team remains completely intact through the end of the season as employees without contracts leave to get a head-start on 2019.

Letarte also believes the team should fully support the job-searching – even if it has an impact during the week on race preparation. “I think if you try to put the playoffs in front of the livelihoods of those 61 employees in Colorado, then it’s an insensitive situation,” he said.

What does it say about NASCAR’s team business model?

A: That the exorbitant amount of money required to field a championship-caliber Cup franchise is increasingly disproportionate to the shrinking sponsorship pool available to teams.

The problem is that simple. The solution is not.

Does this kill the chances of a successful team ever being based outside of North Carolina again?

A: It shouldn’t, but it certainly dims the prospects of lightning striking twice. It was only Visser’s force of will and love of the Rockies that based Furniture Row Racing in Colorado in the first place, but its locale might have played a role in the unlikeliest of success stories.

Setting up shop 1,600 miles from NASCAR’s Charlotte hub ensured that talent stayed put along with the brilliant trade secrets cooked up by Pearn. It also provided a rooting interest in a market without a major NASCAR-sanctioned racetrack – something that Visser hoped other teams eventually would emulate.

But instead of being a trend-setter, its Denver headquarters will become the requiem for a stock-car Cinderella tale that ended much too soon.

Surveying key race dates for the 2023 Cup season

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NASCAR Cup Series cars will fire up again Feb. 5 as the 2023 season begins with the Busch Light Clash at the Coliseum in Los Angeles.

Two weeks later, the regular season opens with the Feb. 19 Daytona 500, for decades the curtain-raiser for the Cup Series’ 10-month cross-country marathon.

With only a single week break in mid-June, the Cup schedule visits familiar stops like Darlington, Bristol, Martinsville, Talladega and Dover but adds two new locations that should be highlights of the year — North Wilkesboro and Chicago.

Here’s a look at key races for each month of the season:

February — With all due respect to the unique posture of the Clash at the Coliseum (Feb. 5) and the apparent final race on the 2-mile track at Auto Club Speedway (Feb. 26) before it’s converted to a half-mile track, the Daytona 500 won’t be surpassed as a February highlight. Since the winter of 1959, the best stock car racers in the land have gathered on the Atlantic shore to brighten the winter, and the results often are memorable. Richard Petty, Dale Earnhardt, David Pearson, Cale Yarborough, Jeff Gordon and so many others have starred on Daytona’s high ground, and sometimes even rookies shine (see Austin Cindric’s victory last year).

MORE: Friday 5: Legacy aiming for breakout season

March — The newly reconfigured Atlanta Motor Speedway saw its racing radically changed last year with higher banks and straights that are tighter. The track now is considered more in the Daytona/Talladega superspeedway “family” than an intermediate speedway, generating a bit of the unknown for close pack racing. William Byron and Chase Elliott won at AMS last year.

April — Ah, the return to Martinsville (April 16). Despite the rumors, Ross Chastain’s wild last-lap charge in last October’s Martinsville race did not destroy the speedway. Will somebody try to duplicate Chastain’s move this time? Not likely, but no one expected what he did, either.

May — North Wilkesboro Speedway is back. Abandoned by NASCAR in 1996, the track’s revival reaches its peak May 21 when the Cup All-Star Race comes to town, putting Cup cars on one of stock car racing’s oldest tracks for the first time in a quarter century.

June — The June 11 Sonoma road course race will end 17 consecutive weeks of racing for the Cup Series. The schedule’s only break is the following weekend, with racing resuming June 25 at Nashville Superspeedway. Sonoma last year opened the door for the first Cup win by Daniel Suarez.

July — The July holiday weekend will offer one of the biggest experiments in the history of NASCAR. For the first time, Cup cars will race through the streets of a major city, in this case Chicago on July 2. If the race is a success, similar events could follow on future schedules.

August — The Aug. 26 race at Daytona is the final chance for drivers to qualify for the playoffs, ratcheting up the tension of the late-summer race considerably.

September — The Cup playoffs open with the Southern 500, making Darlington Raceway a key element in determining which drivers have easier roads in advancing to the next round.

October — The Oct. 29 Martinsville race is the last chance to earn a spot in the Championship Four with a race victory. Christopher Bell did it last year in a zany finish.

November — Phoenix. The desert. Four drivers, four cars and four teams for the championship.

 

Trackhouse Racing picks up additional sponsorship from Kubota

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Trackhouse Racing announced Friday that it has picked up additional sponsorship for drivers Ross Chastain and Daniel Suarez from Kubota Tractor Corp. for the 2023 season.

Kubota sponsored Chastain’s No. 1 Chevrolet last October at Homestead-Miami Speedway. It is expanding its sponsorship to six races for the new season.

Chastain will race with Kubota sponsorship at Auto Club Speedway, Phoenix Raceway, New Hampshire Motor Speedway, Kansas Speedway and Homestead-Miami. Suarez’s Chevrolet will carry Kubota livery at Texas Motor Speedway.

MORE: Friday 5: Legacy seeks breakout year in 2023

The team also announced that a $10,000 donation will be made to Farmer Veteran Coalition for each Kubota-sponsored race in which Chastain finishes in the top 10. The FVC assists military veterans and current armed services members who have an interest in farming.

“The sponsorship from Kubota is especially meaningful to me because it allows me to use my platform to shine a bright light on agriculture and on the men and women who work so hard to feed all of us,” said Chastain, whose family owns a Florida watermelon farm.

 

Friday 5: Legacy MC seeks to stand out as Trackhouse did in ’22

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While the celebration continued after Erik Jones’ Southern 500 victory last September, executives of what is now Legacy MC already were looking ahead.

“(September) and October, decisions we make on people are going to affect how we race next (February), March and April,” Mike Beam, team president, told NBC Sports that night.

Noah Gragson had been announced as the team’s second driver for 2023 less than a month before Jones’ win. 

But bigger news was to come. 

The team announced Nov. 4 that Jimmie Johnson would become a co-owner, lifting the profile of a team that carries Richard Petty’s No. 43 on Jones’ cars.

As February approaches and racing resumes, a question this season is how far can Legacy MC climb. Can this team mimic the breakout season Trackhouse Racing had last year?

“I think everybody looks for Trackhouse for … maybe the way of doing things a bit different,” Jones told NBC Sports. “Obviously, starting with the name. We’ve kind of gone that same direction with Legacy MC and then on down from there, kind of how a program can be built and run in a short amount of time.

“There’s some growth in the back end that we still have to do to probably be totally to that level, but our goal is definitely to be on that same trajectory that Trackhouse was over the last two seasons.”

Trackhouse Racing debuted in 2021 with Daniel Suarez. He finished 25th in the points. The organization added Ross Chastain and several team members from Chip Ganassi Racing to form a two-car team last year. Chastain won two races and finished second in the points, while Suarez won once and was 10th in the standings. 

Legacy MC co-owner Maury Gallagher purchased a majority interest in Richard Petty Motorsports in December 2021 and merged the two teams. Jones won one race and placed 18th in points last year. Ty Dillon was winless, finishing 29th in points and was replaced by Gragson after the season. 

“Legitimately, we were a pretty new team last year coming in,” Jones said. “There were a handful of Richard Petty Motorsports guys who came over, but, for the most part, it was a brand new team.

“I think what we built in one year and done is similar to Trackhouse in their first year. I think maybe even we were a step ahead of where they were in their first year.”

Legacy MC looks for more with Jones, Gragson and Johnson, who will run a limited schedule this year. Johnson will seek to make the Daytona 500 field.

Jones said Johnson has infused the team with energy. Gragson has been trying to soak up as much as he can from Johnson.

Gragson told NBC Sports that having Johnson as a teammate is “going to be an incredible opportunity for a young guy like myself, first year in the Cup series, a rookie, to be able to lean on a seven-time champion.

“Incredible person, friend, mentor that Jimmie has become for myself. He’s probably going to be pretty over me by the time we get to the Daytona 500 because I just keep wearing him out with questions and trying … pick his brain.”

2. Kyle Busch’s impact

Car owner Richard Childress says that Kyle Busch already is making an impact at RCR.

Busch joins the organization after having spent the past 15 seasons driving for Joe Gibbs Racing. Busch will pilot the No. 8 Chevrolet for RCR this year.

He took part in a World Racing League endurance race at Circuit of the Americas in December with Austin Dillon and Sheldon Creed. The trio won one of those races.

“I was down there for that, just watching how (Busch) gets in there and works with everybody,” Childress said. “He’s a racer. He wants to win. That’s what I love about him.”

Childress sees the influence Busch can have on an organization that has won six Cup titles — but none since Dale Earnhardt’s last crown in 1994 — and 113 series races.

“He brings a lot of experience and knowledge,” Childress said of Busch. “I think he’ll help Austin a lot in his career. I think he can help our whole organization from a standpoint of what do we need … to go faster.

Dillon told NBC Sports that the team has changed some things it does in its meetings based on feedback from Busch. Dillon also said that he and Busch have similar driving styles — more similar than Dillon has had with past teammates. 

“I think as we go throughout the year and he gets to drive our race cars, he’ll have some new thoughts that he’ll bring,” Dillon said of Busch. “I think we’re already bringing some new thoughts to him, too.”

3. New role for Kevin Harvick

Kevin Harvick, entering his final Cup season, has joined the Drivers Advisory Council, a move Joey Logano said is important for the group.

“Kevin is necessary to the sport, even post-driving career,” Logano told NBC Sports. “He’s necessary for our sport’s success. Kevin sees it and does something about it. 

“He’s always been vocal, right? He’s always been very brash, and like, boom in your face. That’s what people love about Kevin Harvick. Something I like about him as well is that you know where you stand. You know where the weaknesses are. 

“He’s going to push until something happens. That’s great. There’s nothing wrong with that. Having him on the Advisory Council now for the drivers, his experience, but also his willingness to push, is important.”

Jeff Burton again will lead the group as Director of the Council. The Board of Directors is: Harvick, Logano, Kyle Petty, Austin Dillon, Daniel Suarez, Corey LaJoie, Kurt Busch and Tom Buis.

Logano, Petty, Dillon, Suarez, LaJoie and Busch all return. Buis, a board member of Growth Energy after having previously been the company’s CEO, joins the drivers group and provides a business background. 

4. Finding one’s voice

Chase Briscoe’s contract extension with Stewart-Haas Racing means he could be the longest tenured driver there in the near future.

The 28-year Briscoe enters his third Cup season at SHR, but the landscape is changing. This will be Kevin Harvick’s final season in Cup. Ryan Preece is in his first season driving in Cup for the team. Aric Almirola was supposed to have retired last year but came back. How long he remains is to be determined.

Those changes could soon leave Briscoe as the team’s senior driver.

“It’s a role that is crazy, truthfully, to think about because that could be me in the next year or two, being I wouldn’t say that flagship guy, but being a leader as far as the drivers go in an organization,” Briscoe said.

“Truthfully, I feel like that’s something I want to be. I’ve always enjoyed that kind of leader, team building type of stuff. So, yeah, if that role is kind of placed on me naturally, then that’s one that I would love to have and try to do it to the best of my ability. I feel like that’s a role that you don’t choose, it kind of chooses you.”

Briscoe, who won the spring Phoenix race and made the playoffs last year, said that he’s becoming more comfortable speaking up in team meetings. 

“I look back, especially on my rookie year, we’d go into our competition meeting on Tuesday and, truthfully, I wouldn’t really talk much,” he said. “I would say kind of what we thought for the weekend, but outside of that I would just kind of sit there and listen.  

“This past year, I definitely talked a lot more, and I’d bring up ideas and kind of say things I wanted to get off my chest, where in the past I wouldn’t have done that. I feel like as I’ve gotten more confident in myself and my position, I’ve gotten to the point where I speak my mind a little bit more and, I guess, be a little bit more of a leader.”

5. Busch Clash field

NASCAR released the preliminary entry list for the Feb. 5 Busch Clash. No surprise, the entry list features only the 36 charter teams. Those teams are required to be entered.

With 27 cars in the feature — which is expanded by four cars from last year’s race — there’s no guarantee a non-charter car could make the field. That’s a lot of money to go across country and face the chance of missing the main event.

The Daytona 500 field has four spots for non-charter cars. With that race’s payoff significantly more, it will attract at least five cars for those spots: Jimmie Johnson (Legacy MC), Zane Smith (Front Row Motorsports), Chandler Smith (Kaulig Racing), Austin Hill (Beard Motorsports) and Travis Pastrana (23XI Racing). Helio Castroneves confirmed Thursday that he will not enter the 500. He had been in talks with the team co-owned by boxer Floyd Mayweather.

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.