Saturday, January 8, 2011

Scott Speed Sues Red Bull After Team Releases Him

Filed under: , , ,

A NASCAR driver usually don't sue his car owner after parting ways, since taking legal action could dissuade potential future car owners from getting involved with the driver.

But after more than seven years with Red Bull in both Formula One and NASCAR, Scott Speed has made that move, suing his former team for alleged breach of contract in a complaint asking the court to award him $6.5 million, reported late Friday.

Red Bull "significantly reduced its financial commitment to Speed's race team and was unable and/or unwilling to provide [Speed] with 'supporting equipment' satisfactory for a driver of [his] skill to [be] effective [to] compete in the NASCAR Sprint Cup Series," Speed's complaint states, according to SceneDaily.

Speed's complaint also provides a rare, inside look at the money being paid in the Sprint Cup series for a driver at his level.

According to SceneDaily, the lawsuit says Speed signed a three-year deal in September 2007 for a salary of $300,000 in 2008, $500,000 in 2009 and $1 million in 2010. He was to receive 50 percent of his purse winnings for each top-10 finish, 45 percent for finishing 11th through 20th and 40 percent for finishes of 21st or worse.


Permalink | Email this | Linking Blogs | Comments

Howden Ganley Frank Gardner Billy Garrett Jo Gartner Tony Gaze

No comments:

Post a Comment