Roush Racing may sell interest to Red Sox owners
01/31/07 While addressing the media last week in Charlotte, NASCAR team owner Jack Roush spoke as if the pending sale of a portion of his racing organization to Boston Red Sox owner John Henry, and Henry's Fenway Sports Group, was effectively complete. It isn't. In fact, it could be a while. It's one of the most elaborate transactions Roush Racing president Geoff Smith has ever seen. "The deal is not done," Smith told ESPN.com Tuesday. "It's a really complex transaction with more separate contracts than anything I've ever seen." More than 50, in fact, Smith said. "There are lawyers engaged around the clock, basically, trying to work through all the details of all these documents," Smith said. "So that's why nobody wants to talk exactly, because the deal's not done." Both parties remain committed, though, Smith said. "We both want it to be done and want to be in business together, and are hoping we can agree on everything necessary to close in a short period of time," Smith said. He doesn't have a timetable. "We've been saying that for two full months, maybe three full months now," he said. "That's how long it's been going on." Smith is uncertain how many individuals are working on the project of the Fenway Sports Group side, but said no less than seven Roush Racing employees, including a pair of lead lawyers and three senior financial executives, are working on Roush's behalf full time. Then there are multiple folks weighing in on a part-time basis, such as Smith. Smith also said the speculated dollar figure involved in the sale — $50 million — is inaccurate. And he isn't giving any hints as to what it is, either. "No, they are not accurate," Smith said. "I never comment one way or another about any numbers, any money, but I've read a couple different numbers and I'm like, 'Well, that's people hypothesizing.' "There are people making assumptions about what our revenue is and what our profitability is, and they're trying to figure out what [team owner] Richard Childress sold his interest [to a group of investors] for, or what someone else is looking for, then coming up with a number."
Asked for comment on the status of the deal Monday, Fenway Sports Group chose instead to respond via e-mail statement from FSG president Mike Dee: "As we have previously stated, Fenway Sports Group is in discussions with Roush Racing. While we continue to explore this opportunity, there is nothing new to report at this time." More at ESPN.com
01/26/07 The principal owner of the Boston Red Sox could close a deal next month to buy half of Roush Racing, one of the most prominent teams in NASCAR, officials said yesterday.
Negotiations between John Henry and Jack Roush , the owner of the racing team, are in their final stages, and if all goes well, details could be disclosed before the Daytona 500 race on Feb. 18 , said Mike Dee , the president of Fenway Sports Group , which handles Henry's non baseball sports ventures.
That disclosure came hours after Roush told a group of reporters in Charlotte, N.C., that a deal was close and could be unveiled in Daytona on Feb. 14, comments that apparently caught the Red Sox off guard.
"Obviously we're not going to refute what Jack said," Dee said in a telephone interview yesterday evening. "Our goal has always been to try to have this all completed by the start of the racing season, and racing season starts Feb. 18, so that would be consistent with the goal that we have been trying to work toward." Boston Globe
01/05/07 This rumor is upgraded to 'fact' today. The Red Sox deal for a half-interest in Roush Racing, the class of NASCAR racing, is done. Reported price: $62 million. Formal announcement to follow. Boston Globe
11/19/06 The negotiations in the sale of a portion of Roush Racing to Boston Red Sox owner John Henry's Fenway Sports Group are progressing well, Roush Racing President Geoff Smith said Saturday. Many of the major points have been agreed upon since the negotiations began in earnest in September. "The big principal points, that's all buttoned up," Smith said. "I think by the first of the year, we'll know. We're going along pretty fast. By Daytona for sure." One of those pieces involves what percentage of the racing organization the Fenway Sports Group will own. Jack Roush will not relinquish control of the team. "We have been open to being all the way up to equal partners, but not more than equal for them," SceneDaily.com
11/13/06 Geoff Smith, the head of Roush Racing, said that the proposed merger with Red Sox owner John Henry's Fenway Sports Group is proceeding nicely, and if the deal is completed it should be by early February. Jack Roush and Smith are negotiating a sale of as much as 50 percent of Roush Racing to Henry and his company. "It's still progressing, and progressing positively toward closing," Smith said of the negotiations.
"It's pretty straightforward on how it's proceeding. Lawyers are looking at documents, accountants are working on plans for operational adjustments that need to take place. All those practical things are in motion. People are out in the garage verifying how certain things work. I would expect by the time we show up in February at Daytona there will either be a deal in place or there won't be a deal at all." Winston-Salem Journal
09/20/06 "They started getting a little more aggressive about a NASCAR positioning within the Fenway Sports Group, which is their marketing and business arm that's been making some investments in businesses," Roush Racing President Geoff Smith said. "They let us know late spring or early summer that they were looking a little more seriously about making investments and would we be interested in having some discussions with them about selling an interest. So we've been having these discussions for most of the summer.
"I wouldn't say that [a decision is] close and I wouldn't say that it was far. I would just say we're all working through it. We all have lots of lists of questions that are on the table that we're working our way through. I really can't predict right now what the outcome's going to be."
Smith's goal, though, is for there to be an outcome, one way or another.
"We've had discussions in the past on marketing topics and other topics and they hadn't led to anything," Smith said. "Now that this is out in public, we prefer to work to an end to these discussions diligently. Either to end up having a deal or not having a deal, as opposed to breaking until next August."
09/19/06 CONCORD, N.C. – “Roush Racing confirms," said Geoff Smith president of Roush Racing, “It has entered into discussions to sell an interest in Roush Racing to Fenway Sports Group, Boston. Should these discussions ultimately materialize into a definitive agreement Roush Racing will provide further information on the topic."