More details are being revealed concerning the current financial situation at Richard Petty Motorsports, including approximately $12 million owed to the team’s chassis and engine suppliers and former driver Kasey Kahne. Speaking on the condition on anonymity, a source with knowledge of the situation told Sirius NASCAR Radios Sirius Speedway with Dave Moody that RPM had fallen $9-10 million behind in its payments to Roush Fenway Racing and Roush Yates Racing Engines for race cars, engines and rear gear assemblies. That debt prompted Roush to repossess the teams Talladega cars, engines and gears earlier this week, but the cars were returned to RPM late Thursday morning after a partial payment was made. The engines reportedly remain in the possession of Roush Yates Racing Engines, awaiting an additional payment.
The same source revealed that Kahne is owed between $1 million and $1.25 million by RPM, and that those past-due paychecks played a major role in his criticism of the team following last Saturday nights race at Charlotte Motor Speedway. As of mid-afternoon Thursday, Kahne had not received a signed copy of his release from RPM, potentially compromising his ability to compete for Red Bull Racing this weekend at Martinsville. However, legal experts tell Sirius Speedway that Wednesday’s press release from RPM announcing Kahnes release was legally binding, and will allow Kahne to drive for Red Bull this weekend without violating his contract with RPM. A second source within Richard Petty Motorsports confirmed that a series of high-level meetings were held throughout the day Thursday in an attempt to ensure that the team will be able to compete past next weekend’s race at Talldega Superspeedway.(Sirius Speedway)(10-22-2010)
UPDATE – Kahne is paid: Kahne said RPM has met all its financial responsibilities to him, dismissing rumors that the decision to split early made sense for both sides. Red Bull Racing will pay Kahne’s salary the rest of the season. Kahne said talks about a split began on Monday, two days after the brakes failed on his car for the second time in three races (and third time this season), leaving the driver frustrated. Kahne defended his decision not to return to the race after repairs were made, saying he was sick and unable to continue. He was offended that an RPM official questioned his commitment, saying he needed to do his part to help the team. “Anybody that questions my commitment doesn’t know me very well,” Kahne said. “I don’t know if there is anybody out there that puts as much into it as I do throughout the week. I was sick to my stomach and it was time for me to call it a day. I’m happy I did it and ready to get on with this weekend.” Kahne said the decision to split was not based on speculation that financial difficulties concerning RPM. He said he wished the team well the rest of the season. Kahne said he has agreed to maintain his commitments to sponsor Budweiser for the remainder of the season, including all meet and greets. He added this was not the way he wanted to end his relationship with Budweiser or RPM, but reiterated it was best for all parties.(ESPN)(10-22-2010)
