Is Knoll done? (2 Viewers)

[matt Smith]

I just want to say this is very hard for all of us. My team did everything it could have done last year and we had a hell of an year... Without Torco,Evan,and Latrell behind us we could not have done it.... Evan, Buddy get better soon and lets do this again... My team will not be running all the races unless we find some support... Right now we will run the 1st 4 races and see whats happens... Hopefully we can pick up something to squeak by and run NHRA.... If anyone wants to help Buy Torco fuel and tell the Torco people thank you for there support and hurry up and get back out hear.... And pray for Evan to get better...

 

[Jim]

I can't be the only person who wonders why a multi-million dollar deal would (apparently) be done on a handshake. Doesn't make sense.
While Torco can shelve their own team it just seems Torco (the company) (absent a Chapter 11 imposed disaffirment) should be honoring employment and sponsorship contracts for the period agreed.

Sorry to sound like the "skunk at the garden party" but, you can be certain, folks have made enormous financial and personal comittments with an understanding they would be paid by Torco (the company).

This is all-the-worse given the ridiculous timing.

 

[TJ]

Spoke w/ Denshams son Stevie and word is out that everyone has received the call about the plug being pulled for 2008 sponsorship...and he said 'everyone' lost their 'handshake' deals...
Stevie said the situation is more about dollars/cents than health issues...
Even Laguna Jr lost his support and I thought he was to marry Knolls daughter..
The only sponsorship agreements TORCO is supporting are the deals that have a signed contract:

2 NHRA races
IHRA races
Bonus money in certain classes

Many owners are very upset and Stevie said the sh*t will hit the fan soon legally...

IMO they are slowing stepping away...BUT the show will continue...

 

[The Counterfeiter]

We all love Evan, his enthusiasm for our sport and everything he has done.
That being said, it appears that all of the Torco teams were blindsided by this announcement. At least one NHRA pro team is still waiting for the rest of their 2007 sponsorship dollars.
Should Torco have informed the teams they own and those they sponsor more than a week before testing is scheduled to start? Teams are sitting in their shops with no sponsorship and in the case of FC teams, no idea what chassis they are expected to race in less than a month.
I can't find anything positive in this situation. NHRA has irritated Pro teams with hospitality and pit parking issues and no FC rules. Looks like we be off to a very ugly start for 2008.

 

[megadeth]

I hope Evan makes a full recovery it sound intense!
I didn't know he was in a accident,I wonder if he was speeding and lost control which is the usual cause of those types of accidents.

 

[superman]

no disrespect to evan by any means as i do hope he gets better but what i dont understand is the fact that usually companys have contracts with their respected teams it is my understanding that all of the contracts are being broke? also is it true that all of the affore mentioned teams are his or how does that go about? and for another point what about torco race fuels ihra series is it done for the year?

 

[superman]

Spoke w/ Denshams son Stevie and word is out that everyone has received the call about the plug being pulled for 2008 sponsorship...and he said 'everyone' lost their 'handshake' deals...
Stevie said the situation is more about dollars/cents than health issues...
Even Laguna Jr lost his support and I thought he was to marry Knolls daughter..
The only sponsorship agreements TORCO is supporting are the deals that have a signed contract:

2 NHRA races
IHRA races
Bonus money in certain classes

Many owners are very upset and Stevie said the sh*t will hit the fan soon legally...

IMO they are slowing stepping away...BUT the show will continue...

that is really sad that sh*t will hit the fan legally i mean they need to take in consideration this guys health as well i know in my last post i mentioned contracts but if its just a handshake deal thats a whole different thing let the guy get better regardless if it does put alot of teams in a poor situation

 

["Dr. Dirt"]

Welcome to the Mater Steven!
I believe the press release did confirm their continued participation in both their event sponsorship as well as their IHRA series sponsorship. I could be wrong? Just ask the guy with the umbrella size issues.

 

[turbo ken]

I hope Evan makes a full recovery it sound intense!
I didn't know he was in a accident,I wonder if he was speeding and lost control which is the usual cause of those types of accidents.

He recovered from the Viper accident, then the severe tire shake he took in his own t/f car re-agreevated some of his head injuries from his viper accident.

It's all a moot point now, Evan is a hands on guy, since some of his race car sponsorships are hand shake deals, he won't be able to distribute how much each team needs just to stay out there himself, I'd probably do the same thing if it were me and my money, if I were a racer sponsored by him I'd be thankfull for his help, and try to make it a year till he gets back. You don't bite the hand that feeds you.

 

[Jrod]

I don't know the answer to this so i'm gonna ask...but how hands on is/was evan in the day to day with all the teams he supported? other than just being at the track what else was there for him to do?

If your shaking hands and writing the checks what more is he expected to do? Do the people who write the checks from Bud or the Army get any say on tune up or day to day ops?

 

[megadeth]

He recovered from the Viper accident, then the severe tire shake he took in his own t/f car re-agreevated some of his head injuries from his viper accident.

It's all a moot point now, Evan is a hands on guy, since some of his race car sponsorships are hand shake deals, he won't be able to distribute how much each team needs just to stay out there himself, I'd probably do the same thing if it were me and my money, if I were a racer sponsored by him I'd be thankfull for his help, and try to make it a year till he gets back. You don't bite the hand that feeds you.

In the interview I read Latrell had stated he hasn't been the same since the accident which leeds me to believe he never fully recovered from that accident.
I hope the people he help sponsor will take into consideration the guy's health right now; Mike Ashley understands the situation.
They better be careful if they take legal action they might find themslves sitting out a lot longer then 1 season.

 

[turbo ken]

In the interview I read Latrell had stated he hasn't been the same since the accident which leeds me to believe he never fully recovered from that accident.
I hope the people he help sponsor will take into consideration the guy's health right now; Mike Ashley understands the situation.
They better be careful if they take legal action they might find themslves sitting out a lot longer then 1 season.

Taking legal action would be the dumbest thing to do unless you have a whole lot more money than he has, but if you had more money than him you wouldn't need his money, you would be just feeding the lawyers and no one but the lawyers win from that.

 

[jOkA!]

I don't know the answer to this so i'm gonna ask...but how hands on is/was evan in the day to day with all the teams he supported? other than just being at the track what else was there for him to do?

If your shaking hands and writing the checks what more is he expected to do? Do the people who write the checks from Bud or the Army get any say on tune up or day to day ops?

Hmmmmmmmm good point!

Oh and by the way........it's fricken snowing up here! 12" today.......

 

[turbo ken]

I don't know the answer to this so i'm gonna ask...but how hands on is/was evan in the day to day with all the teams he supported? other than just being at the track what else was there for him to do?

If your shaking hands and writing the checks what more is he expected to do? Do the people who write the checks from Bud or the Army get any say on tune up or day to day ops?

That's a question best left to Evan to answer, I'm sure he has his reasons, but if you do or don't like his reason(s) that's your tough luck. The guy goes out and sponsors alot of racers for years and your cheering for him, he pulls back a year for health reasons then you make him sound like a villian, and that's just flatout wrong. When Evan is a 100% again and sponsoring cars again you'll be eating your sour words.

 

[TJ]

This situation is similiar to the Snyder family and the In-N-Out Burger sponsorships...

Many people w/in the family that owned the burger chain had passed away in a relatively short amout of time and Guy was running the biz/racing while his health went sour...But he kept his deal intact....He TRULY loved racing and would have probably sunk the biz to keep actively involved in drag racing, even after audits proved that sponsoring anything in auto racing was a financial disaster...Then after he passed his family honored all existing contracts til that season ended...
Remember Troxel was supposed to steer an In-N-Out T/F car but a contract was never finalized...

 

[theraceman]

Having money available to race is trivial when facing what could be life long health issues.


I never have met the man but I hope he can recover quickly and completely.
.
.
.

 

[Shan]

Consider this point. Lattrell could step up and take over all the race teams. One of Evan's daughters could do the same. For all that matters, he could hire Suzie Orman or Donald Trump, for goodness sakes, to run the day-to-day business of the race teams. But it wouldn't matter. If any of those cars has Torco on the side as the major sponsor, Evan's not going to be able to devote 100% of his attention to his health and recovery. I think his injuries were way more serious than a lot of people realize.
And it's very unfortunate for the crews and teams, etc. that are affected by this. I feel for all of them. And I'm sure no one hates it worse than Evan. However, those people are able to find other ways to support their families if worse comes to worse. Evan only has one life. If he doesn't take care of himself like the doctors are telling him to do, he's not just going to fall on hard times. He's not going to be around, period. I know that sounds dark, but it's true. That's just my take on it anyway.

 

[rosco]

Well I definitely don't come here to read about or write about taxes, but since that is all I do, I'll clear the air a little bit.

The IRS is really sensitive about somebody claiming their hobby as a business. Rich people with ranches, race horses (these two are by far the most popular) and race cars . . . who take cash from an unlrelated venture (being a doctor is by far the most popular) get heavily scrutinized by the IRS.

There is a presumptive rule (IRC Sec 183(d) for those with no life) that says an activity generating a loss for 3 of 5 consecutive years is presumed to be a hobby (2 of 7 years for horses . . . damn lobbiest!).

If you are Torco race fuels, and the advertising doesn't create a loss, you can spend all you want if it makes sense on a pre-tax basis. Even if it does create a loss, and there are good business reasons for what you are doing, the presumption of a hobby can be overcome.

Personally, I'd be shocked if Evan was changing his direction simply because of the hobby loss rules. He's been great for the sport, and I certainly hope everything is OK with him.

John Menard, had IRS problems with his expenditure on his race cars in the past, IRS said you can't sponsor your own car, many millions involved there

 

[rocketman]

I saw this coming last year when a new sponsorship of some kind was announced nearly every day in January and there was no products on the retail shelf to support it all.

I disagree that a racing sponsorship is a financial disaster when a company spends 100 million on a sporting stadium. How you get close to half of that back in sales is beyond me. The fact is drag racing advertising is a good investment if it's done the right way. And was named best return on investment by the sports business journal.

 

[Jrod]

That's a question best left to Evan to answer, I'm sure he has his reasons, but if you do or don't like his reason(s) that's your tough luck. The guy goes out and sponsors alot of racers for years and your cheering for him, he pulls back a year for health reasons then you make him sound like a villian, and that's just flatout wrong. When Evan is a 100% again and sponsoring cars again you'll be eating your sour words.

wow you sure you read the right post before you posted?