Powers Restructures Team (1 Viewer)

[Bobby Bennett]

Drag Racing Internet Magazine - Competition Plus.com - DAVID POWERS MOTORSPORTS RESTRUCTURING?

 

[nitro-trucker]

I wonder what MATCO thinks about this. How does the contract read. Can you sell a sponsership with parts.

 

[rocketman]

Times are tough.

 

[Dubs]

Wonder why he is choosing to sell the Matco team compared to the CAT team.

 

[Pete]

Wonder why he is choosing to sell the Matco team compared to the CAT team.

Buckley had a lot to do with Whit going over there, maybe he had a stake in the Matco team only and maybe thats why Powers is selling it out to him.

 

[bukweet]

Selling the one that doesn't have a crew chief for '09?

 

[Nick]

Selling the one that doesn't have a crew chief for '09?

is that a fact?

 

[Chuck]

Wonder why he is choosing to sell the Matco team compared to the CAT team.

Rumor is, from a very good source on the team NOT being sold, Tim Buckley already owns the MATCO car, truck, trailer, parts, etc. All Powers was responsible for was the crew. It sounds like there will just be a transfer of ownership and no exchange of funds. Buckley and Beard have had a long relationship and this will probably give Lee control over the entire operation.

 

[Bullet]

For those that are not aware, Tim Buckley is the President (owner?) of "Vintage Design" that you see on the Powers cars and used to see on Gary Ormsby's dragsters.

 

[mick]

it is probably a safer bet to make business sales now, than wait and risk
missing date deadlines if new federal legislation is passed regarding increased
capital gains taxes.
not suggesting this applies to this specific DPM story, but it's real and it's
potentially on the horizon.