Do you need to be a multi-millionaire to race PRO? (3 Viewers)

[Nunz]

Bruce, this is one of those questions that isn't really yes or no. But, in some ways it's fairly simple. When we say "millionaire" we really mean net-worth, and being worth a few mil doesn't necessarily translate into being able to spend 1 or 2 or 3 Mil a year to race. Simply put, if you want to run all the events on the schedule, you need someone to write the check or, you have to have the personal cash flow to do it yourself. The gray area is when you talk about racing a budget, limited schedule, volunteer crew, etc. But, if you are talking about running for a championship, there's no getting around how much is needed, so you need either super deep pockets or a backer. Or both. BTW drag racing has plenty of millionaires running in the sportsman classes, obviously these classes, while expensive, offer a better chance of hanging on to some wealth!

 

[Draw 3D]

Virgil, with all due respect, I didn't say "made a living", I said "made a fortune through racing alone".

Yes, people can make a living at it, to varying degrees of comfort. But John seems to be the only one who has turned nothing into a major fortune through drag racing alone, with no other major side businesses (save the media efforts).

Let's see, getting PAID to do exclusively what you truly love doing and would do it for free, yes to me, that is the definition of making a "fortune".

There are also a number of sportsman racers who have made a "fortune" just by racing. I know of one in particular that was so "under-fortuned" that he could only afford a small one-car garage rental home and now has a large multimillion dollar racing business that grew directly from his sportsman racing.

 

[BigDaddyB]

Could you explain to me where these people made their living?

Don Prudhomne
Don Garlits
Chris Karamasines
Bob Glidden
Warren and Kurt Johnson
Larry Morgan
Larry Dixon
Lee Beard
Austin Coil
Bobby and Dom Lagana
Ron Capps
Del Worsham
Sid Waterman
Tom McEwen

And I could list a thousand others that I have met in drag racing that have made a very comfortable living through drag racing. Most are not team owners, and many have used their racing experience (and money earned) to diversify into other areas.

Did AJPE and BAE fund the owner's racing endeavors or did the owner's racing endeavors fund the start up of the companies? How many companies would never be if the founders were not racers first?

And did the Pub make Kenny, or did Kenny make the Pub? Did the racing endeavors make Kenny what he is today or the Pub, which has been long gone? How about his very successful towing service? Wasn't he racing long before either?

Could DSR be what it is today without the talent and commitment of Tony at the start? He was involved in the sport on his own prior to driving for Don, and had some success.

As in any business there are risks involved. But the bigger the risks, the larger the potential returns. Money can be made as a team owner if ran properly. The sources of income for a team are varied and abundant, most are not readily seen by the fans. Racing becomes an all consuming lifestyle, and sometimes the grind of the day to day activities wears the owners out and they fold up their tent and go on to something else.

With all the respect I can give you Virgil because you are in a spot where you can make keen observations. The list you provide is a good one but I would say out of all the names 2 would be able to fund a team out of their own pocket. Don Prudhomme and Sid Waterman. I read everything I could about Prudhomme an he indicated that Top Fuel cost had gone far beyond what he could afford to do in this class. Mr. Prudhomme expressed that before going back to place where he started racing he'd fold up his racing operation and look for something else to do with his money. Now the Johnson's for while there where in hot pursuit of sponsorship and do believe they express if they couldn't find sponsorship they would have to curtail their racing. Sid Waterman sells all the fuel classes pumps but I don't see him funding a team to highlight his business in drag racing. Larry Morgan had teams and financially able to fund a team but does not chose to do so for whatever reasons. Now for all the others except the Lagana's, it would seem to me it would be a good deal to work for yourself so you could do it your way but they choose to work for someone who owns a team. So the question still remains the same is Al Anabi the only team that can be funded on their on dime. As Chris said, John Force truly rose thru the ranks an made it big just drag racing and even he needs Ford, Brand Source, AAA, and Castrol. You have to admit without sponsorship by somebody with big $$$$$ there would be a lot of one car teams trying to survive on what you make on the drag strip. Once upon a time ago that was just how it was in the PRO classes.

 

[Treeshaker]

I think there is some confusion between who CAN race on their own dime and who WILL race on their own dime. I know many people who can afford to own a team, but have made the choice not to be publicly involved because of the length of the season, the time and the personal commitment it takes. And please don't believe everything you read or hear broadcast, most of it is just PR. Even some rumors are started by PR personnel to keep a team or subject on the minds of many.

The statement I addressed was about one person making a "fortune" from racing alone. All the people on my list, and the others I referred to make their money primarily from their racing endeavors, and public persona aside, you would be very surprised at who has what (or how much "what" they have), and how it was obtained. A "fortune" has a slippery definition.

The thread title, "do you need to be a multi-millionaire to race PRO?" is answered with a simple yes. Who could assume that any sponsor is going to give millions to a person/team who has not been succesful in handling money prior to their association? And if you were not previously successful with money you would not be able to fund a team or to buy a ride.

 

[Toejam]

As expensive as Professional Drag racing has become over the Years, it's nothing to what NASCAR or Indy car racing cost! You see Far more independent racers in Drag racing then those other two that's for sure!

 

[BigDaddyB]

I think there is some confusion between who CAN race on their own dime and who WILL race on their own dime. I know many people who can afford to own a team, but have made the choice not to be publicly involved because of the length of the season, the time and the personal commitment it takes. And please don't believe everything you read or hear broadcast, most of it is just PR. Even some rumors are started by PR personnel to keep a team or subject on the minds of many.

The statement I addressed was about one person making a "fortune" from racing alone. All the people on my list, and the others I referred to make their money primarily from their racing endeavors, and public persona aside, you would be very surprised at who has what (or how much "what" they have), and how it was obtained. A "fortune" has a slippery definition.

The thread title, "do you need to be a multi-millionaire to race PRO?" is answered with a simple yes. Who could assume that any sponsor is going to give millions to a person/team who has not been succesful in handling money prior to their association? And if you were not previously successful with money you would not be able to fund a team or to buy a ride.

Well Virgil we finally agreed on something. Bring a boat load of money an enjoy the satisfaction that you might be able to put a Wally on your shelf. The only thing that I do disagree with is that if I show up with 20m wanting to go drag racing there will be plenty of takers an they could care less if I was good with money or just some yahoo willing to get rid of 20m. Because we all know when you are running for 50k for 22 races and 500k bonus at the end of the year it in no way makes up for money you invest in drag racing. Its been that way forever and day and I don't see it changing no way soon. So that is why the phrase, " We do/did it for the love of the sport", it rings so true. There is no pot gold at the end of the rainbow. It just a gold or silver Wally with 60 years of heritage. Like in the beginning they raced for trophies. That is as good as it gets.

 

[Treeshaker]

Bruce - we don't agree on anything. I don't know what you are reading, but it isn't what I have written. Your scenario is completely opposite of what I wrote. If you are giving money away, most don't care where it came from. If you are looking for money, those with it want to know a lot about you.

You are very naive to think the only income for a race team is through what they win on the track. It makes up a very minute part of a teams budget.

 

[BigDaddyB]

"do you need to be a multi-millionaire to race PRO?" is answered with a simple yes. Virgil those are your words and I do agree with that statement. You need a boat load of money whether its yours or other peoples money.

 

[Bullard Anderson]

It isn't a sport, it's business.

Ian, if it's a business then isn't a pretty pathetic business model?

I'm just asking for imput. Undecided.

It could be argued it's a sporting lifestyle for the wealthy in some cases.

Complicated topic for sure.

 

[john]

Ian, if it's a business then isn't a pretty pathetic business model?

It would be hard to tell without seeing the tax returns.

 

[vegasnitro]

It would be hard to tell without seeing the tax returns.

Now you sound like the NFLPA hahaha ...

 

[BigDaddyB]

One of the reasons I ask this questions is that I see no new teams being created in the future. After DSR, JFR and Lucas what will the future look like for Top Fuel and Funny Car? The money it takes to get into these class is prohibitive if you just look at start up cost. Should you want to buy a team would it be like buying a franchise in the stick and ball sports? We all know that game is for the riches of the rich. I'm just afraid the ante is going to be so high that nobody will want to participate in sport where the return is marginal at best.

 

[n/a]

One of the reasons I ask this questions is that I see no new teams being created in the future. After DSR, JFR and Lucas what will the future look like for Top Fuel and Funny Car? The money it takes to get into these class is prohibitive if you just look at start up cost. Should you want to buy a team would it be like buying a franchise in the stick and ball sports? We all know that game is for the riches of the rich. I'm just afraid the ante is going to be so high that nobody will want to participate in sport where the return is marginal at best.[/QUOTE

I couldnt agree more. Even the rich will get tired of putting money into something that has little or no financial return.

 

[john]

Even the rich will get tired of putting money into something that has little or no financial return.

Pro Drag racers are doing a lot better than pro home builders in this economy. It has always been expensive to drag race, at the level the pros play at it is very expensive. Nothing has changed, they are making money or they wouldn't be there.

 

[BigDaddyB]

Pro Drag racers are doing a lot better than pro home builders in this economy. It has always been expensive to drag race, at the level the pros play at it is very expensive. Nothing has changed, they are making money or they wouldn't be there.

Ian I beg to differ with you there was once upon time a place where 32 people decided they could take a chance. The 32 car field at the Manfacuturer"s Championship at Orange County International Drag Strip is an example. You couldn't get 32 cars to show up if you had a magic wand. I bet this will happen with nostalgia being the trend now you could get 32 cars to show up because the back yard mechanic can rustle up enough funds to go 280. I think what what goes for for performance now days is a blast to 1000' ft at 4.01 at 320 but what is amazing is that you can't repeat that on a consistent basis. I think what nitro fans want see is a race where competitiors race thru the epp and flow with someboby standing the chance of making up a bad reaction time. Win or lose it should never be about who reacts to the light better but who has the performance to last a 1/4 mile. Thats why they used to run water in a cast iron block. I guess you new generation guys don't know nothing about that fact. The new generations motto if don't go fast just blow it up and we got another in the trailer.

 

[john]

I guess you new generation guys don't know nothing about that fact.

New generation? I'm not new at this. You want the '60s back and it won't happen. Two guys in a pickup truck and trailer? You need to be a major corporation or own an oil producing country to compete in the pro ranks today. Don't blame me for it, I wasn't responsible. It is just what drives the sport, money and innovation. Corporations can afford that, individuals cannot with few exceptions. It is what it is.

 

[BigDaddyB]

New generation? I'm not new at this. You want the '60s back and it won't happen. Two guys in a pickup truck and trailer? You need to be a major corporation or own an oil producing country to compete in the pro ranks today. Don't blame me for it, I wasn't responsible. It is just what drives the sport, money and innovation. Corporations can afford that, individuals cannot with few exceptions. It is what it is.

So Ian what future does that spell fot the two classes. I like when it when people say is what is because they take themselves out of what the future will be as far as these classes are concerned. There are only few coporations who will expend the amount money it takes to run these classes. What you're hoping is that Fram, The Army, and Ford stay in love with drag racing.

 

[john]

What you're hoping is that Fram, The Army, and Ford stay in love with drag racing.

You are still kidding yourself, they are in it for the money. It is an advertising vehicle. It's the MONEY.

 

[BigDaddyB]

You are still kidding yourself, they are in it for the money. It is an advertising vehicle. It's the MONEY.

How much anti-freeze, ford Focus, or enlist people to go fight a war are you going to influence at a drag strip. What money? You race for 50k. You expend over 200k an event. What is wrong with that math.

 

[john]

You race for 50k. You expend over 200k an event. What is wrong with that math.

Nothing is wrong with the math, you just have two numbers and left the rest out. If they are loosing $150K an event, how come they are at every race, year after year? Because they are making money.