Scott Speed files $6.5 million lawsuit against Red Bull Racing

NASCAR driver Scott Speed filed a $6.5 million breach-of-contract lawsuit Friday afternoon against Red Bull Racing, the team that released Speed following the 2010 season. In the lawsuit, filed in North Carolina Superior Court in Statesville, N.C., Speed claims that Red Bull did not fund the team as necessary to compete at the Cup level. According to the lawsuit, 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 would receive 50 percent of prize money for each top-10 finish, 45 percent for finishes 11th-20th and 40 percent of prize money for finishes of 21st or worse. In June 2008, the deal was amended to include 2011 at a salary of $1.5 million and options for 2012-2013 at raises of $500,000 annually. In January 2010, the deal was revised to cut Speed's pay from $1 million to $500,000 for 2010, according to the complaint. In May 2010, Red Bull picked up Speed's option through 2013, according to the complaint, but then fired him Nov. 23. The $6.5 million figure represents the salary Speed would have received from 2011-2013, in addition to the $500,000 reduction for 2010. Speed said Wednesday that the filing of the lawsuit was in hopes of being able to pay bills due next year, given that the chances of now getting a ride for 2011 are slim. Red Bull Racing officials indicated Wednesday that they would not comment on Speed's release or any pending litigation. Scene Daily