Debt forgiveness plan for NASCAR Hall of Fame approved

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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.

The proposed agreement went through on a 10-1 vote, with Councilman Kenny Smith providing the sole ‘nay’ according to the Charlotte Observer.

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:

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.

Helio Castroneves ‘hustling’ for IndyCar, IMSA rides; talking with four to five teams

Helio Castroneves IMSA IndyCar
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As his season gathers steam, Helio Castroneves said his prospects for finding new rides for 2021 in IMSA and IndyCar also are gaining momentum.

The three-time Indianapolis 500 winner said Monday he is optimistic about landing in either or perhaps a combination of both series when Team Penske and Acura end their DPi partnership after this season.

“A lot of people I spoke with, four to five teams, are interested,” Castroneves said. “Whether it’s doing Indy 500 only, whether it’s pushing to do full time or do the sports cars as well. It’s been a very nice conversation.

LOOKING AHEADTeam Penske drivers seeking new rides for 2021

“I have a lot of respect for all the teams that have been talking, and I feel the same feedback. We just have to wait for their (sponsor) connections, and I’m also looking for some connections on my side as well, so hopefully we’ll be able to put this together and get something very soon.”

Given two decades of success with Penske in IndyCar and IMSA, Castroneves’ resume hardly needs burnishing. But the Brazilian has combined with co-driver Ricky Taylor in the No. 7 Acura DPi to win the past two overall victories at Road America and Michelin Raceway Road Atlanta.

But Castroneves, who doesn’t have a manager, said he has been working the phones hard rather than wait for the strong results to bring in the calls.

“At this point, I feel like I’m the one who needs to be talking to them because people need to know I want to continue racing and understand my desire,” Castroneves, 45, said. “There is opportunity, no question, in both (IndyCar and IMSA), which I’m really happy about it. However, because of the COVID-19, a lot of things sometimes have to be a little delayed. But I’m excited. Whatever the opportunity and whatever destiny guides me, whether IndyCar or sports cars, trust me I’ll be as happy as it could be and doing my 100 percent like I always did.

“It’s like politics, you need to be out there, good news or bad news. People have to make notice of your presence. I’m hustling. I want to continue to keep it going. Hopefully, we’ll have good news very soon.”

The news has been all good lately on track for Castroneves and Taylor, who hope to continue their run Sunday at Mid-Ohio Sports Car Course.

The No. 6 duo has surged to sixth in the IMSA WeatherTech SportsCar Championship standings, 10 points out of the lead with four races remaining. After thinking there was “no hope” to be competitive after opening the season with three consecutive poor finishes, Taylor now sees an opportunity for a happy ending.

“With the program going away, Helio has won all the big races and given so much back to the team and left such a mark, he’s really part of Penske history,” Taylor said. “For me, it’s been an opportunity of a lifetime to be a part of it. I’d like to leave my little mark as well. Helio has won everything except for a championship.

“Obviously, we’ve won races already together, but we can win a championship now. I think if both of us can do that together and both win our first championship for ‘The Captain,’ that would be an absolute dream come true, and we can tie a bow on it and be happy.”