Fans get chance at ownership

Posted: Thursday, May 02, 2002

ATLANTA -- It claims to be the first effort by a group to sell shares of a race team to fans, but Fanz Racing is another at tempt at an old game.

Fanz Enterprises announced it has support from former crew chief-turned-television announcer Larry McReynolds and At lanta Braves outfielder Chip per Jones as the first team owned by the NASCAR community.

Ned Jarrett, a pitchman for a similar effort that failed several years ago, said the idea has been around for a long time.

''None of them have worked in the past,'' he said. ''That's not to say it won't work, but it's awful tough. What you find out is, beyond the huge initial investment is the cost of running a race team every week. If you don't have a sponsor, there aren't enough fans out there to keep it going.''

The company is offering 2.5 million shares of its common stock at $10 a share. By purchasing a minimum of 25 shares, fans can own a small piece of ''America's Team.''

BUD MOORE NO MORE: Bud Moore's old race shop and equipment, once one of the proud main stays on the NASCAR Win ston Cup Series, were sold at public auction recently on the steps of the county courthouse in Spartanburg, S.C.

Although Moore sold his team to California businessman Rob ert Fenley, a court ordered the assets to be sold when Ernie Elliott foreclosed on the team after Fenley failed to pay for engines and mechanical support.

Elliott, the older brother to former Winston Cup Series champ ion Bill Elliott, said he was owed $793,348.34 by Fenley for leased engines and an en gine technician. When he wasn't paid, he foreclosed on the team.

Elliott bought the shop and equipment for $50,000. He has no plans to start or operate a race team in Spartanburg, his attorney said. The action helped him recoup some of his losses.

Moore, who was at the auction, owned the team for nearly 40 years until he sold it to Fenley in 1999.

SADLER ON THE MOVE? The hot rumor at the California Speed way last week involved Elliott Sadler and his contract with Wood Brothers Racing.

Sadler apparently has asked to be released from his contract with the racing team at the end of the 2002 season so he can explore other options.

In 115 career starts with the Wood Brothers, Sadler has one victory, two runner-up finishes and a third-place finish.

PIT STOP: Tony Furr will be on loan to Ultra/Evernham Mo tor sports and driver Casey At wood this week at Richmond, Va. Furr quit as crew chief for Jerry Nadeau at Hendrick Motor sports. Furr is still under contract with Hendrick.

, he's merely helping out this week. To make room for Furr, crew chief Buddy ''Red Dog'' Barnes resigned. . . . Car owner Andy Petree and driver Mike Wallace have garnered the sponsorship from Preen Lawn and Garden Products for The Winston all-star race May 16. That team has been operating sporadically since it lost its sponsor at the end of the 2001 season.

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