Posted on 02/14/2007 4:30:30 PM PST by big'ol_freeper
DAYTONA BEACH, Fla. -- Roush Racing and Fenway Sports Group announced Wednesday the formation of Roush Fenway Racing.
Under the agreement, FSG will purchase 50 percent of Roush Racing to form the new entity. Jack Roush will continue to manage the competitive operations of the race teams and Geoff Smith will continue as president to oversee business activities.
FSG will support Roush Fenway Racing's marketing and sales activities by using their experience, network of relationships, and powerful demographic base to add value to sponsors and help Roush Fenway Racing maintain an unsurpassed position among NASCAR teams on and off the track.
"This partnership will bring a whole new perspective to our business," said Roush. "There is a lot of hard work that goes into being successful in sport. John Henry and FSG understand what it takes."
"Anybody that has watched the Red Sox has been impressed with their tenacity and their ability to prevail after all the frustration. To be able to have someone to bounce ideas and strategies off of will be fun. Everyone at Roush Racing is excited to welcome our new partner and we look forward to our success together."
"This is an unprecedented partnership of two extremely successful organizations with proven track records for winning in their respective businesses and sports," said Mike Dee, chief operating officer of the Boston Red Sox and president of Fenway Sports Group. "We believe in NASCAR and like its long-term business future and are thrilled to be a part of this exciting and growing industry."
Over the last 35 years, Roush Racing has become one of the most successful teams in motorsports. Having won 30 championships and more than 300 races in drag racing, sports car racing and NASCAR, the team looks to continue its winning tradition under the new name. The new Roush Fenway Racing logo will make its track debut at Daytona International Speedway on Thursday.
"Although there have been many instances of cross ownership in the world of professional sports, this partnership marks the first time that owners of a professional franchise in one of the four major leagues have crossed over into the world of NASCAR," said Dee. "Both Roush Racing and FSG have reached a mature stage in their evolution and this partnership will provide both organizations with the necessary resources to remain competitive at the highest levels of their respective sports."
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