Richard Childress Racing, a well-established NASCAR team since 1969, was close to an undisclosed ownership sale in recent years, as revealed during court proceedings. The attempt, focused on selling the 40% stake held by Chartwell Investments and potentially some of Richard Childress’s own majority share, was kept secret until details emerged in a lawsuit involving NASCAR and other racing organizations.
The Attempted Buyout Led by Bobby Hillin Jr.
The team currently runs two full-time NASCAR Cup Series cars, driven by Kyle Busch and Austin Dillon, and has seen major success, with Dale Earnhardt earning six championships for the team between 1986 and 1994. Despite this top-tier history, Chartwell Investments, a New York firm that acquired 40% of the team in 2003, has sought to divest its share over the last several years. Former NASCAR driver Bobby Hillin Jr. led a group eager to secure the Chartwell stake, with Childress even considering selling a portion of his remaining majority.
However, negotiations between the parties broke down, and the sale did not materialize. New details surfaced only after the matter was discussed during testimony and filings linked to a dispute between 23XI Racing, Front Row Motorsports, and NASCAR.
Financial Challenges and Complicated Business Structures
Testifying in court, team owner Richard Childress acknowledged financial difficulties that compounded during NASCAR’s ongoing charter negotiations. According to Childress, the ability for Richard Childress Racing to remain profitable depended on connected businesses, notably ECR, which supplies engines to other Chevrolet-aligned teams.
Childress expressed surprise that confidential discussions about the team’s finances and ownership were being aired in public due to the lawsuit disclosures. The circumstances highlighted the precarious financial environment for teams, as even leading organizations face challenges similar to those that reportedly cost Hendrick Motorsports $20 million, despite championship victories.
Legal Tensions and Concerns Over Information Disclosure
Both the potential buyers, represented by Bobby Hillin Jr., and Richard Childress had signed a non-disclosure agreement when negotiating the deal, agreeing that financial details would remain private. The court proceedings, however, brought these secret talks to light, upsetting Childress and raising questions about how the sensitive information was leaked.
“I don’t want to answer that,”
Childress initially stated before elaborating on the failed sale — Childress, Team Owner
“Every bit of this has nothing to do with this.”
— Childress, Team Owner
Following the unexpected exposure, there were calls for the judge to compel disclosure of who revealed the confidential information, and Childress is reportedly contemplating legal action against NASCAR to address the breach of privacy.
What Comes Next for Richard Childress Racing?
As the aftermath of these revelations continues to unfold, the future ownership structure of Richard Childress Racing remains uncertain. The exposure of the attempted sale underscores financial difficulties and trust issues affecting major teams in the NASCAR Cup Series. The ongoing legal tension could reshape the way business and negotiations occur in professional motorsports, potentially impacting other teams, high-profile figures like Dale Earnhardt, and affiliated companies such as ECR.
