Last night, the Charlotte (N.C.) City Council approved an agreement between Bank of America, Wells Fargo, and NASCAR that will see those parties forgive more than $22 million in debt from the city’s NASCAR Hall of Fame.
Charlotte will now make a one-time payment of $5 million to the two banks, said banks will write off the remainder of a $19 million loan, and NASCAR will waive Hall royalties of $3.2 million that it had been owed since the complex’s 2010 opening.
The banks will also each receive five years of Hall sponsorship, valued annually at $250,000, from the Hall’s operators, the Charlotte Regional Visitors Authority.
Additionally, NASCAR’s future royalty payments have been reduced from 10 percent of Hall revenues to 3 percent of revenues in excess of $10 million.
NASCAR’s chief communications officer, Brett Jewkes, tweeted the following after the council’s approval:
Very pleased with Charlotte City Council's 10-1 vote tonight regarding the @NASCARHall. Good for all parties. We move forward.
The Hall has lost more than $1 million annually and suffered from lower than projected attendance. Only 170,000 people visitors entered the Hall in 2014, a far cry from initial expectations of 400,000 visitors per year.
Sponsorships of the Hall, along with the sales of commemorative bricks, were expected to help pay off the loans from the banks but those initiatives have fallen short so far.
Under the new deal, the yearly financial loss for the Hall is expected to be reduced but not wiped out completely.
France has been waiting since 1962 – the year his father, NASCAR founder Bill France Sr., brought him to his first 24 Hours of Le Mans – to hear the roar of a stock car at the most prestigious endurance race in the world.
A path finally opened when NASCAR developed its Next Gen car, which debuted last year. France worked out a deal to enter a car in a specialized “Innovative Car” class designed to showcase technology and development. The effort would be part of NASCAR’s 75th celebration and it comes as Le Mans marks its 100th.
Once he had the approval, France persuaded Hendrick Motorsports, Chevrolet and Goodyear – NASCAR’s winningest team, manufacturer and tire supplier – to build a car capable of running the twice-around-the-clock race.
The race doesn’t start until Saturday, but NASCAR’s arrival has already been wildly embraced and France could not be more thrilled.
“Dad’s vision, to be able to follow it, it took awhile to follow it up, and my goal was to outdo what he accomplished,” France told The Associated Press. “I just hope we don’t fall on our ass.”
The car is in a class of its own and not racing anyone else in the 62-car field. But the lineup of 2010 Le Mans winner Mike Rockenfeller, 2009 Formula One champion Jenson Button and Johnson has been fast enough; Rockenfeller put down a qualifying lap that was faster than every car in the GTE AM class by a full three seconds.
The Hendrick Motorsports crew won its class in the pit stop competition and finished fifth overall as the only team using a manual jack against teams exclusively using air jacks. Rick Hendrick said he could not be prouder of the showing his organization has made even before race day.
“When we said we’re gonna do it, I said, ‘Look, we can’t do this half-assed. I want to be as sharp as anybody out there,” Hendrick told AP. “I don’t want to be any less than any other team here. And just to see the reaction from the crowd, people are so excited about this car. My granddaughter has been sending me all these TikTok things that fans are making about NASCAR being at Le Mans.”
This isn’t NASCAR’s first attempt to run Le Mans. The late France Sr. brokered a deal in 1976, as America celebrated its bicentennial, to bring two cars to compete in the Grand International class and NASCAR selected the teams. Herschel McGriff and his son, Doug, drove a Wedge-powered, Olympia Beer-sponsored Dodge Charger, and Junie Donlavey piloted a Ford Torino shared by Richard Brooks and Dick Hutcherson.
Neither car came close to finishing the race. McGriff, now 95 and inducted into NASCAR’s Hall of Fame in January, is in Le Mans as France’s guest, clad head-to-toe in the noticeable Garage 56 uniforms.
“I threw a lot of hints that I would like to come. And I’ve been treated as royalty,” McGriff said. “This is unbelievable to me. I recognize nothing but I’m anxious to see everything. I’ve been watching and seeing pictures and I can certainly see the fans love their NASCAR.”
The goal is to finish the full race Sunday and, just maybe, beat cars from other classes. Should they pull off the feat, the driver trio wants its own podium celebration.
“I think people will talk about this car for a long, long time,” said Rockenfeller, who along with sports car driver Jordan Taylor did much of the development alongside crew chief Chad Knaus and Greg Ives, a former crew chief who stepped into a projects role at Hendrick this year.
“When we started with the Cup car, we felt already there was so much potential,” Rockenfeller said. “And then we tweaked it. And we go faster, and faster, at Le Mans on the SIM. But you never know until you hit the real track, and to be actually faster than the SIM. Everybody in the paddock, all the drivers, they come up and they are, ‘Wow, this is so cool,’ and they were impressed by the pit stops. We’ve overachieved, almost, and now of course the goal is to run for 24 hours.”
The car completed a full 24-hour test at Sebring, Florida, earlier this year, Knaus said, and is capable of finishing the race. Button believes NASCAR will leave a lasting impression no matter what happens.
“If you haven’t seen this car live yet, it’s an absolute beast,” Button said. “When you see and hear it go by, it just puts a massive smile on your face.”
For Hendrick, the effort is the first in his newfound embrace of racing outside NASCAR, the stock car series founded long ago in the American South. Aside from the Le Mans project, he will own the Indy car that Kyle Larson drives for Arrow McLaren in next year’s Indianapolis 500 and it will be sponsored by his automotive company.
“If you’d have told me I’d be racing at Le Mans and Indianapolis within the same year, I’d never have believed you,” Hendrick told AP. “But we’re doing both and we’re going to do it right.”
General Motors is celebrating the achievement with a 2024 Chevrolet Camaro ZL1 Garage 56 Edition and only 56 will be available to collectors later this year.
“Even though Chevrolet has been racing since its inception in 1911, we’ve never done anything quite like Garage 56,” said GM President Mark Reuss. “A NASCAR stock car running at Le Mans is something fans doubted they would see again.”
The race hasn’t even started yet, but Hendrick has enjoyed it so much that he doesn’t want the project to end.
“It’s like a shame to go through all this and do all this, and then Sunday it’s done,” Hendrick said. “It’s just really special to be here.”