Gillett, RPM partnering with Saudi Prince

[eddyk82]

I hate to be the one to report this to you all.

But here is the link:

jayski.com/cupnews.htm#news9tue

In what could turn out to be one of the oddest pairings in the history of American stock car racing, Richard Petty Motorsports' primary shareholder George Gillett Tuesday signed an 'exclusive commercial collaboration' agreement for his stake in the team to Prince Faisal bin Fahd bin Abdullah al-Saud, a member of the Saudi Royal Family. The agreement signed Tuesday forms a partnership that will see the development of a NASCAR racing circuit and Richard Petty racing schools in the Saudi Kingdom and elsewhere in the Middle East. "The Middle East sport market has immense growth potential as eager fans in the region demand access to more diverse, higher caliber competition. I am delighted, enthusiastic, and honored to have the opportunity to partner with such a visionary in His Highness Prince Faisal," said Gillett after the signing. According to many however, the agreement signed Tuesday is the first step to Gillett selling his stake in the team. As the two were publicly confirming the agreement, behind the scenes, Gillett and Prince Faisal acting on behalf of the Saudi sports investment group F6 he chairs, have begun a process of 'due diligence', the examination of financial records, with the goal being that Gillett would be bought out by the end of the year. The primary deal in the works actually centers on British football club Liverpool that Gillett owns a 50% stake in, but the deal would also include Richard Petty Motorsports. The Prince was at Anfield Stadium in England on Saturday as a guest Gillett, who confirmed that he has secured funding from the Saudi prince for his NASCAR team and an agreement to build Liverpool-branded football academies in the Middle East. The entire deal is reportedly worth up to $560 million

[loanshark]

I was just getting ready to post this. This has my mind muddled............Something stinks to me.

[songsmith1950]

Wow! If there is racing over there. . . . The higher caliber they talk about is that like howitzers or something? I can see it now. Taliban Motorsports, Al Quaida in Nascar. . .
And we think Hendrick is bad??

[stuck]

How do they rate their engines? By Camelpower?

[pmossberg]

You look to where the money is. And one place is certainly the middle east.

This may not be altogether bad. Motorsports are actually huge in the mid east. Just a couple examples...

The Formula 1 circus goes to Sakhir Bahrain each year.

"Locally" the NHRA has Alan Johnson Al-Anabi Racing, a two car top fuel team partially owned by Khalid Bin Hamad Al Thani of Quatar. Say that ten times fast!

Here is another article:

www.prnewswire.com/news-releases/liverpool-signs-exclusive-deal-with-his-highness-prince-faisal-al-saud-62400292.html

One key line from this article: "The framework for a partnership in NASCAR has also been established to consider the development of a NASCAR racing circuit and Richard Petty racing schools in (...Saudi Arabia...) and elsewhere in the Middle East."

For sure, Richard won't be replacing the cowboy hat any time soon!

[songsmith1950]

I can not imagine seeing Richard in a turban. . . .

But if the Prince would buy Hendrick and run off everyone but Chad and then give it to us I am game!!!

[songsmith1950]

Oh no, a burka with an STP emblem and 43 on it???

And did you notice the muslim matimonial site ad??? AAAAARGH!

I ain't giving up my good old merican gal!!!!!! Not even for Richard!!!

[songsmith1950]

Well, maybe for four fast cars I could like this! Hey friends we have been through so much this may seem minor.

[pmossberg]

Not for nothing folks, but some of the forum members reading this stuff may well your neighbor AND be from the middle east. I'm just sayin....

[donmoos]

Foreign investment is good...........bring on the money and when our government socializes everything.......it all foreign money being stolen........just look at Chavez.........everytime the country needs money he just Nationalizes some foriegn company.

It's all about the new world order.

[chilipepper]

Suddenly I have a new affinity for Boston Ventures.....

[songsmith1950]

Agreed Paul and apologies to any of Arab or Middle Eastern descent.

Just trying to have fun here in what is such a big surprise.

[donmoos]

When Businessmen entered NASCAR it was bound to change.....Racing was never about business it was about a obsession with racing...........many people in our country have bankrupted themselves in the persuit of Racing.

Businessmen are in the business of making money.........why do we express shock........when the make decision to make money.

For the last few years......maybe even 10 + years.........it's the drivers who have benefited the most from NASCARs popularity........no investments......all cash income....... No buildings to pay for no support teams to have to bankroll every week.

Only in the last 3-4 years did Team members start to really cash in. Look at the amount of money a team has to shell out......when they cant keep it going all of the assets they bought bring them pennies on the dollar.....

Hendricks and Rousch only need to break even..........each has business empires that are not NASCAR dependent that benefit from the Media Airtime devoted to promoting them on NASCAR programming.

[chilipepper]

With apology to any who might be offended:
I'm sorry. I just would not like to see something like this happen in NASCAR much less in RPM. I don't care if Honda is built here in the US, for me it's "foreign". I don't care if Wal-Mart is the largest US corporation: they buy huge amounts of foreign made items and sell them to US consumers who have little to no income because so much of our industry has gone where these items come from! I would be very unhappy with a Saudi/mid-Eastern majority owner of RPM. I don't care about the new world order. I like American order. What America and it's executives have done to our businesses is criminal. And most are laughing all the way to the bank (that now won't lend money to anyone). So, my dear donmoos who I enjoy immensely, I can't buy into any happiness about such a report. To me it would be hugely sad.
Thankfully Gillette posted that this will not include RPM. Not sure I trust him but I'll be happy even if for a little while.

[pmossberg]

No apologies! National pride is what the USA was built on. And I'm sure Saudi's are proud of their nation. I got a bit uncomfortable with the Taliban and Al Quaida comments. Not all middle easterners are terrorists. 'Nuf said on that.

This is probably naive, but so far, I really see this not as intervention in RPM, but rather an investment in Gillette owned enterprises with the intent of broadening those enterprises into Saudi Arabia and the mid east.

I hope I'm right!

But if Faisal has a crew chief or driver, they can have Menards' car!