Report: Teresa Earnhardt looking to sell DEI-UPDATE
Quote selected text Published July 8th, 2008 in NASCAR News
UPDATE:
Dale Earnhardt Inc. is not for sale — right now.
DEI president Max Siegel on Tuesday refuted an Internet report that company owner Teresa Earnhardt had commissioned investment banking firm Bear, Stearns & Co. Inc. to locate a buyer or financial investment partner.
“We have not engaged Bear, Stearns or Goldman Sachs or anyone else,” Siegel said. “We are contacted all the time by outside firms about getting involved in the sport.
“We are not for sale right now. Nothing is imminent.”
A recent industry trend for Sprint Cup team owners is to collaborate with outside investment partners in the name of financial stability. Jack Roush partnered with John Henry’s Fenway Sports Group. Michael Waltrip brought in Robert Kauffman. Ray Evernham sold majority ownership to George Gillett. Just last month Petty Enterprises, the industry staple since the sport’s inception, sold majority ownership to Boston Ventures.
Is DEI next?
“Are we constantly weighing that as an option? Does that make sense? Quite frankly, we don’t know,” Siegel said. “Every team is looking for a way to bring in appropriate resources. Every single one.
“We haven’t engaged anybody. People obviously approach us — they’re approaching everybody. We’re looking to be around for a long time in future. We’re feeling pretty damn good about where we’re going, competitionwise.”
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Sirius NASCAR Radio’s Sirius Speedway is reporting today that Teresa Earnhardt has enlisted the services of Bear, Stearns and Company to find a buyer — or at least a major financial investor — for Dale Earnhardt, Inc.
Bear Stearns is an investment bank, securities trading and brokerage firm based in New York City, and has been charged with finding a buyer for the entire operation. Barring that, Earnhardt is said to be interested in selling at least a minority interest in the team. DEI President of Global Operations Max Siegel declined to comment on the story when contacted earlier today.
- Teresa Earnhardt wants Dale Jr to stay at DEI
- Teresa Earnhardt questions Dale Earnhardt, Jr’s commitment to team, racing
- Dale Earnhardt, Jr owns no part of DEI, documents reveal
- Statement from Teresa Earnhardt on Dale Earnhardt, Jr’s departure from DEI
- DEI officially signs Jeffrey Earnhardt
Hey looky here Ole Max is back in the picture… l0l
Ok before anybody comes on here and says something along the lines of “If she wants to sell why didn’t she let Jr have the company last year” . Remember this, Jr Wanted it for Free and that is not the way business works.
And really this is no different then what a lot of other teams are doing, they are looking for people who can pump money into them without looking for much money back.
BLAH…BLAH…BLAHHH.
I bet Sr. is rolling in his grave right now!! What a snake……she married for money and she knows it. It’s a shame that a great team like DEI is going down the toilet!
Teresa is a witch with a capital B.
Question: what is the market value of a team that’s basically worthless at this point?
The irony is that Junior could now probably put together the money to purchase the team outright. But why would he want to, except for sentimental reasons? He can make more money - and win more races - with HMS.
Max…=Rat in the wood pile, go back to NYC…boy
Fisha695 wrote:
Thats not exactly true he would have had to dump a lot of money into it and she would still own basically half the company and her and that company wouldnt be in the mess there in now,he would have brought plenty of sponsors to foot the bills and such but oh well dei will be history soon.
Scott wrote:
Last time I checked Sr married her (as in he proposed to her) not the other way around, and they did so way before he had money, so I don’t see what you are talking about.
Evernham, Childress, Petty, Roush, all have investors, and that is all this is, looking for a minority investor, nothing more.
And I can’t help but laugh every time I see somebody say “I bet Sr is rolling in his grave now” followed by an insult at Teresa, because yeah he would be rolling in his grave but it’d be to try and dig his way out to get his hands on the people that are disrespecting his wife.
No way, I would find it hard to believe that Teresa would sell DEI, however I find very easy to believe that Teresa is looking for a partner/invester like Petty Enterprises or GEM did. Next season, DEi will most likely be eitehr a two or three car team, that’s all they can handle.
speechless
only time will tell
Ron F. wrote:
Hey could pull a SR. Merge DEI with Jr motorsports and still drive for Hendrick. Who knows, maybe Jr. would like to one day be able to turn DEI over to one of his kids
OMG!! So much I want to say but it would not be allowed here so all I am gonna say is “Karma…it’s a bit**” and she will get what she deserves in the end. And I am sure senior is not happy.
She has destroyed all of Srs hard work and now she wants someone to bail her out!
I have to agree with Fisha that Dale would not like people trashing his wife. I think Junior, Kelley and Kerry should be the investors, and Taylor. They should help the company stay afloat. And another thing I don’t like the comments about Max Siegal “boy” etc. That is really out of line. Also I think she had an investor in Mr. Menard and I think that has gone south. This thing with the #1 car is bad…really bad and this isn’t the first time DEI has been caught.
wrote:
DEjrI
l0l
Like someone said on here a few months ago , DEI will be a museum soon.
You know its unbelievable, i had a great time tonite with Dale and i am drunk but this has caught me by surprise. i am not believing this but its not a surprise, i asked Dale tonite if DEI would fall with the way the economy was going and he said they would be alright and I am hoping for all involved that Srs legacy will live on and thats all I have to say on this. God Bless
mrs sr. has done a wonderful job running dei. she is a multi-millionaire and owns one of many houses down the street from me. its the size of a small country town. do you really think she needs to run dei any more, she is a great gal.for donig this for so many years all by herself. god bless her and she will only do what is best for her.
I have been patiently awaiting something like this to take place and it brings a smile to my face. I cannot stand Teresa E., due to the fact that the way she has treated Dale Sr.’s children. I mean no disrespect to Dale Sr. in any way, but he prolly had no idea just what kind of snake Teresa really was and is. I’m sure he would’nt have wanted Teresa to treat his children the way she has since his death. I was not a Dale Sr. fan, but what’s right is right. He would have been so proud of Jr. and what all he has done since he’s been gone. I think Jr. made the right decision to move to HMS. Jr. is his own man and he made a wise business decision. Karma is a great word that another poster used and it’s true. When someone wrongs another on purpose, just sit back and let God take care of it in his own time. Well, If Teresa had of worked with Jr. and Kelly and Kerry, her company would not be in this place. She made alot of important people in Nascar mad, when she said and did things uncall for to the Earnhardt children. Jr. should go in half with Richard Childress and buy Teresa out and then secretly, then Richard could announce after the deal was finalized, that jr. owned 51% of DEI. Would’nt that be the best news yet? I know Richard may be a friend to Teresa, but he’s also a business man and after all, Dale did drive for him and make a name for him also in Nascar. He would be carrying on Dale Sr.’s name and legacy and helping by keeping DEI in the family, like it damn well should be.
I wish nothing bad on anyone, but Jr. deserves to be a part of his father’s legacy.
I’m a Gordon fan and I have always liked Jr., due to the fact, he is his own man and he don’t try to be like his father ,(his driving style). He wants to set a place for himself in Nascar and I know that he’s well on his way and he’s doing it his way. I’m proud of what he’s accomplished and I know he goes to bed at night with no regrets. Good things come to those who wait. Whether you want to look at it this way or not, Rick Hendrick was a Guardian Angel looking out for Jr. and was sent by God and Dale Sr.
May the DEI legacy live on!
Max was the financial genius sought out to stabilze and expand DEI. Remember a year ago, DEI was also getting into the entertainment business about the same time Junior left. How’s that working out Maxie? Teresa has no one to blame for her poor judgment but herself. Martin, Junior and now Truex. If Regan Smith and Amirola are your “core” drivers, your ship is sinking. If Max and Teresa were on the Titanic, they’d probably think that they were stopping to pick up ice.
What is really funny is that bear stearns nearly went into chapter 11 and JP Morgan had to buy them out. Another good business decision by TEI. If want someone to sell your company for you do you ask a firm to do that when that firm can’t even manage its own business? Everyone keeps saying how great a business person she is and I just do not see it. I can’t wait to hear how much it sells for.
If she had gone into business with JR sponsors would not be a problem. She would still have Budweiser for starters and JR is a cash cow with all of his endorsements. Like i have said before. she will wish she had gone into business with JR before all is said and done. This sucks for dales kids and anyone who says this is what he would have wanted has never been a father.
Teresa Earnhardt is so stuipd if she sells DEI.HELLO TERSESA YOU A FAMES LAST NAMES.LET DALE JR BUY IT BECAUSE HE HAS THE MONEY TO BUY or Just let be a Hall of Fame name museum.Because The Driver younger in DEI.If I had that company I wouldnot sell it.The Answer is She is a Women that hate nascar.BuY JR Please keep the legandy of the Earnhardt alive in Nascar…….
FWIW, ESPN is reporting that Max says DEI is absolutely not for sale. They specifically said not for sale, but to me that doesn’t rule out looking for a financial backer like other teams have done…
It has been coming.
How could this team succeed if the
owner isn’t st the race tracks or involved
and the public face is more experienced in
financials instead of Nascar as a business and also a sport?
What Max did was not paint himself into a corner.
Remember, Joe Gibbs is keeping Tony through ‘09 as well.
A lot of talk.
Smoke and mirrors, people. Smoke and mirrors.
In 5 years, there will be only one megateam per manufacturer anyway.
I FOUND THIS VIDEO ON YOUTUBE OF LADY E. TALKSING SMACK BOUT JR AND HIS SISTER CHECK IT OUT, I DONT LIKE JR BUT THIS IS HIS DAD COMPANY AND THIS IS JUST WRONG.
http://www.youtube.com/watch?v=e4M2XwWFNXE&feature=related
OK FISHA695…..Dale never said he wanted part of the company for free. And I quote from an article dated may 10th, 2007 “Earnhardt opened up about his relationship with his stepmother, saying it “has always been very black and white - very strict and in your face”. “Teresa Earnhardt has offered to sell Dale Jr. majority ownership in the company for $55 million to $75 million.” If you’ve ever read up on the relationship between the two it wasn’t pleasant. it was Theresa’s way or no way. In my opinion she’s a selfish bitch and made it impossible for Dale to buy an part of the team. She should be ashamed of herself.
HEY ROWDY TALKING TO FISHA WHATS UP WHY COPY THE NAME
colonel wrote:
You have got to be kidding. Lets see , she lost her best driver , her best sponser , alot of associate sponsers , 90 % of the merchandise sales DEI had , hired a music guy to run a race team , now needs financial help , yeah she’s just doing a swell job. Did the CEO’s from World Com and Enron live on your street also?
Jeff wrote:
I remember Max also saying he was confident Jr. would be driving for DEI in ‘08. Wrong answer Max!
Lots of teams are taking on financial backers, heck even RCR has one (a silent partner) it doesn’t mean anything but It cost more to race then the teams are making for racing. Well I guess I should rephrase that a bit No race team ever makes money from racing, it’s just the gap between what teams are spending and what they are bringing in is getting bigger… Oh and drivers $30 salaries aren’t helping either…. l0l
Justin 99 wrote:
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Yeah, she has done a great job! They are winning races and turning down all the great drivers who want to drive for DEI!!! What she has done is strip what cash the business has out and lived high on the hog. She lost her best driver and the only reason they had any chance of making money. GREAT JOB TEI!
Fisha695 wrote:
Part of that may be true but Im also sure if he could see what has happened to his company Im sure he would be quite mad at her well fuming mad probably is the words.
Lets see what a savy businesswoman ms. earnhart is. she lets go the most popular driver and the company’s only means of support it appears. she also decided to keep the 8 number instead of jr. BUYING it from her. she’s the outsider looking in. in 1994, dale sr. stated that he wanted to leave his kids something to work with and be proud of. DEI was created for the children and grandchildren of dale sr. it was their legacy. ms. earnhart would have also benefited but the company was the children’s. this is a classic example of not having your exact wishes down on a legal document. now she has in 7 years, 1 if you count dale jrs. departure which started the downward spiral, ruined a company that was worth close to a half billion dollar business, that took dale sr. several years to build and bring to reality. i hope jr will buy the company and get a program started with hendrix.
At this point it’s al speculation but things arent looking to bright over there.