Team Closing Shop

[RevLimiter]

Heard an original IRL team closed shop today. Any news?

[cosmoose]

i heard it was team menard.

[ROCK]

Originally posted by cosmoose
i heard it was team menard.

[JoeBob]

Related? http://www.trackforum.com/forums/sho...threadid=33448

[autoracingfan2]

I guess when you get nitpicked for every little move you make you eventually get fed up with all of it and call it quits.

1. Engine Leases ???
2. Private Rebuilders ???
3. Engine Badging by Manufacturer Mandatory ???

Hey IRL, you are forcing out the little guys who helped keep your series afloat in the lean years.

Yes, my tune on the IRL has changed (hint: not for the better).

John, when the rules change and your not having fun any more, take your toys and go home.

[Chris Paff]

John hasnt lost any fire.. I bet he sold the team and will be either a Childress team or a Panther ride..

[Jim Wilke]

Transfer of assets for tax purposes. My guess is Childress. Richard gets involved in Indy, Menard gets some help for his kid's stock car career.

[Cygni]

If I was going to take a total shot in the dark, I would say Hemmelgarn, or maybe Foyt. (D&R doesnt count as an original IRL, i wouldnt say) Of all of the IRL teams, those are the 3 that I could really see just vanishing.

As for Menard (if thats really who we are talking about), I would be absolutly shocked if the "closing" wasnt more of a transfer... thats IF its Menard to begin with.

[Sammich]

Cosmoose you better send an e-mail to goold ole Mark C. He's got that posted on his site.

[mnkywrch]

Wait - Mark rips his stuff off Internet message boards?

Surely, as a journalist, he's so well-respected he can just call the team & get a comment out of them.

[Big Trak]

Originally posted by JoeBob
Related? http://www.trackforum.com/forums/sho...threadid=33448

Bad link.

[JoeBob]

Originally posted by Big Trak
Bad link.

Odd. The thread was a month old, it linked to an article in Forbes Magazine about Menard's dealings with the IRS, and the link worked when I made it. The thread, however, no longer exists.

In summary, the IRS didn't look kindly on his paying the team's bills with the store checkbook, and then calling it a business expense. It sounded like they'd be okay with Menard's sponsoring a team, but they couldn't pay a team's bills directly, and then write it off as a business expense.

[vegasduo]

Originally posted by autoracingfan2
I guess when you get nitpicked for every little move you make you eventually get fed up with all of it and call it quits.

1. Engine Leases ???
2. Private Rebuilders ???
3. Engine Badging by Manufacturer Mandatory ???

Hey IRL, you are forcing out the little guys who helped keep your series afloat in the lean years.

Yes, my tune on the IRL has changed (hint: not for the better).

John, when the rules change and your not having fun any more, take your toys and go home.

Thats some serious sounding blame fixing based on nothing more than a flimsy rumor and wild speculation.

[AdamM]

JB, I remember reading the story in the Forbes print edition (It’s not as if it’s a big secret) and another factor was the way in which “Team Menard” was incorporated. It was set us as completely separate entity for liability purposes, so as to protect the home center business from lawsuits related to racing. But if I recall correctly the IRS had a beef with the home improvement company then paying bills and salaries for “Team Menard” and deducting them as business expenses. I don’t think it would be a big deal if “Team Menard” was set up as just a part of the home improvement business or like you said he just sponsored a car, but the IRS is trying to claim he can’t have his cake (liability shield) and still eat it too (fund it directly from the HI business and deduct the expenses.)

[rev-ed]

Originally posted by autoracingfan2
John, when the rules change and your not having fun any more, take your toys and go home.

Or sell your toys and go watch your son race. . .