Childress Blinded, France Evasive in NASCAR Trial
- * An email from O'Donnell to his peers included the statement: "Jim's over-arching comment: WE ARE IN COMPETITION.WE ARE GOING TO WIN." * When asked about this,...
- * Ownership: Richard Childress owns 60% of Richard Childress Racing (RCR), with the remaining 40% owned by Chartwell Investments (a private equity firm).
Here’s a breakdown of the key facts from the provided text:
Regarding jim France & the Competition:
* An email from O’Donnell to his peers included the statement: “Jim’s over-arching comment: WE ARE IN COMPETITION.WE ARE GOING TO WIN.”
* When asked about this, Jim France claimed, “I don’t recall making those comments.”
Regarding Richard Childress’ Testimony:
* Ownership: Richard Childress owns 60% of Richard Childress Racing (RCR), with the remaining 40% owned by Chartwell Investments (a private equity firm). He was initially reluctant to reveal this information.
* Potential Sale: Bobby Hillin Jr. explored purchasing a part of RCR this summer, potentially involving a group acquiring shares from both Childress and Chartwell.
* Charter Interest: The potential deal included a plan to purchase a third NASCAR charter.
* Deal Termination: Childress terminated discussions with Hillin’s group because they “didn’t have the money.”
* Financial Stability: RCR has been profitable (positive EBITA) for all 55 years of its existence, according to financial statements audited by Hillin’s group.
* Childress’ Frustration: Childress was upset that NASCAR’s attorney brought up the private sale discussions, citing non-disclosure agreements. He felt the questioning was irrelevant to the case.