Ginn Racing leased engines from Hendrick in 2007 at $12.8M base
Quote selected text Published December 17th, 2008 in NASCAR NewsIf you’re looking to lease engines from Hendrick Motorsports for a NASCAR operation, you’d better be prepared to open up your wallet.
A legal battle being played out in North Carolina courts is offering rare insight into the usually secretive world of the sport’s finances as the Hendrick operation seeks compensation from the Ginn Racing team that wound up as part of Dale Earnhardt Inc. in 2007.
According to a contract filed as part of the case, the Hendrick engine lease agreement with Ginn Racing called for Ginn to pay a base rent of $12.8 million in 2007 and $13.7 million in 2008 to lease engines for its three Sprint Cup teams and one team in what is now the Nationwide Series.
The fee covered Cup engines for 36 race events and up to nine tests or special events and Nationwide engines for 35 events, according to the contract filed as part of a lawsuit by HMS Holdings against Ginn Racing and Dale Earnhardt Inc. over the termination fees resulting from the Ginn-DEI merger in July 2007.
The contract was dated Nov. 29, 2006, and signed Dec. 19, 2006.
The lawsuit is still pending in North Carolina Superior Court in Charlotte. HMS is asking for a $1.5 million fee as part of the termination agreement.
Among the contract provisions:
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- Ginn says he owes Hendrick only 20 percent of 1.5 million in lawsuit
- Hendrick sends engines back to shop
- Ginn to make serious run at Dale Jr
- DeHart joins Ginn Racing as Director of Shop Operations
- Nemechek to the #78 in 2008
I was involved with a team back in the 1990’s that used to lease motors from SABCO. At the time, they were really good motors. They were not even close to this sum, even with inflation and rising costs. For this kind of cash, Ginn should’ve finished no worse than 3rd in every race they entered.
There ya go HMS nail that B**ch Teresa and Ginn!!!
just the termination fee it is doubtfull they could come up with it . And does that draw Chipper in to the equation?????
Is this the kind of money Haas has been paying? Is this what Tony will now have to fork over to HMS? WOW!!!
Looks like Teresa should start looking for a trailer park to live in.