"Since 2003, I have had a minority partner at RCR in Chartwell Investments," Richard Childress said in a release. "Like any private equity business, Chartwell has a duty to its investors to return capital and maximize profits in a reasonable timeframe. With my support, they have determined that now is an appropriate time to exit their investment in RCR. Chartwell has been a great partner and I will always be appreciative of our partnership. We will remain good friends."
"We have informed the key people and sponsors of RCR about Chartwell's decision and assured them this will have no impact on the current affairs at RCR or our continued vision for strong performance on and off the track. We have advised them that if a new investor comes on board as RCR's new partner they will be strategically chosen to help RCR continue to grow. Our family of corporate partners has all been very appreciative of our letting them know and remain committed to moving forward. I love what I do and plan to be involved in NASCAR and in running RCR for many years to come."
Richard Childress Racing fields teams for Jeff Burton, Kevin Harvick and Paul Menard in the Sprint Cup Series, Austin Dillon and Elliott Sadler and a third car in the Nationwide Series and for Joey Coulter and Ty Dillon in the Camping World Truck Series. While Harvick is currently in the top 10 in the Cup points standings through the first 19 races of the season, RCR hasn't been to victory lane. After buying the assets of Kevin Harvick Inc. at the end of last season, RCR has flourished in the Nationwide Series this year, where Dillon and Sadler have combined for three wins and are 1-2 in the points standings.
Many major Sprint Cup teams have partnered with investment firms in recent years. Robb Kauffman became a partner in Michael Waltrip Racing in 2007, Roush Racing joined with Fenway Sports Group that same year and after the partnership with George Gillett went sour at what's now Richard Petty Motorsports, Petty joined with DGB Investments and Medallion Financial to buy out Gillett in 2010.
Now that Chartwell is exploring a sale, it's a good time to ask: is there anyone out there with a lot of cash that wants to make the From The Marbles car dream come true?
- Motor Racing
- Sports & Recreation
- Richard Childress Racing
- Richard Childress
- Kevin Harvick