Tony Stewart’s troubles seemed to be behind him, but now, another challenge has emerged. The latest issue involves a lawsuit filed by Stewart, along with his Superstar Racing Experience (SRX) co-founders Ray Evernham, Sandy Montag, and George Pyne, against Skip Barber Racing School (SBRS).
On March 13, 2024, under the leadership of CEO Anthony DeMonte, SBRS agreed to purchase SRX, signing an asset purchase agreement (APA). The deal was expected to close by April 30, 2024.
The APA included a confidentiality clause, which required both parties to refrain from announcing the transaction until the deal was finalized. This clause was likely intended to avoid premature media attention, especially given the high-profile individuals involved.
Despite the agreement, SBRS went ahead and announced the acquisition on March 22, 2024, via a press release, without securing the consent of the other parties. This unexpected move caught many off guard, including Donald Hawk, CEO of SRX and former president of Dale Earnhardt Inc.
Hawk had joined SBRS as director of strategy just a day before the announcement, believing that the partnership would be beneficial. He could not have been more mistaken.
SRX responded by issuing a press release that made serious allegations against SBRS. They stated, “DeMonte and Skip Barber Racing have not paid the purchase price or fulfilled their promise to complete the transaction.
Contrary to their false public statements, Skip Barber Racing did not purchase or own the SRX or any series assets.” This statement marked the beginning of a contentious dispute.
Donald Hawk, who had remained silent up until this point, decided to share his side of the story. He retweeted a post by sports journalist Adam Stern and wrote, “That’s why I stayed calm and quiet for a few months.
I gave notice to Skip Barber Racing (several months ago) and waited to say anything publicly until I saw where the @SRXracing ownership group ended up.” He went on to express his disappointment, saying, “I tried to facilitate the sale and closing, which, as you read, didn’t happen. Damn, I hate to see that happen to the show, the owners, the drivers, the employees, the circuits, the fans, the sponsors, television, and all other SRX partners.”
As of now, neither DeMonte nor Skip Barber Racing has made an official statement regarding the situation. The dispute has cast a shadow over what was already a challenging year for SRX, as the series was forced to close, leaving many fans and stakeholders disheartened.
The Superstar Racing Experience (SRX) had a promising start when it was founded in 2021. The series ran three consecutive seasons, with six races each year from 2021 to 2023. The SRX brought a fresh twist to the motorsports world, similar to the International Race of Champions.
One of the most memorable moments occurred on July 17, 2021, when Chase Elliott competed against his father, Bill Elliott, at the Nashville Fairgrounds Speedway. That day, Chase Elliott took the top spot on the podium, followed by Tony Stewart and Bill Elliott, affectionately known as “Awesome Bill from Dawsonville.”
The series enjoyed strong viewership in its first season, with 1.25 million people tuning in. However, the audience gradually declined, dropping to around 1 million in the second season and plummeting by 56% to just 436,000 in 2023. For those unfamiliar with SRX, the series featured ten motorsport legends racing against current drivers and regional champions.
Each week, team leaders were randomly paired with different drivers. Tony Stewart won the inaugural season in 2021, while Marco Andretti and Ryan Newman claimed the titles in 2022 and 2023, respectively.
CBS initially aired the series in prime time on six consecutive Saturdays, but ESPN acquired the television rights for the third season, shifting the races to Thursday nights under the revived “Thursday Night Thunder” moniker.
Although the concept appeared intriguing, market factors ultimately proved too challenging to overcome, leading to the series’ decline before the fourth season.
The deal with Skip Barber Racing may have been a last-ditch effort by SRX’s owners to save the series. Although the partnership did not materialize as planned, the owners have reiterated their belief in the long-term potential of SRX, as stated in their latest press release.
