Vandergriff Shuts Down Team and Retires (1 Viewer)

[Frank]

In response to PJ's comment, I'm sure the employees had to be aware to some degree. At least a pretty loud rumor train around the shop. (Since December, see my notes below)
In response to Terry's comment, they're not on the verge of large losses they already had them which is why I believe Vandergriff and team had to have heard some rumblings about the sponsorship money drying up over the last three months.
In 2011 C&J posted a net income of 162 million dollars. In 2012 it was 182 million. In 2013 it dropped to 66.4 million and in 2014 it was 69 million. In the fiscal year of 2015, which just ended in December, the business lost 872.5 million dollars.

http://www.marketwatch.com/investing/stock/cjes/financials

Sponsoring a drag racing operation is the last thing on your mind when you lose almost as much money in 3 months (-455 million in Q3 of 2015) as you made in the four years prior, 2011-2014 (+480 million). The stock plummeted from trading in the 20s and 30s per share to less than a dollar.

I couldn't find any articles confirming Mr. Comstock's cause of death. I'm not going to speculate on his cause of death, but at the young age of 46, watching the company basically completely collapse in less than a year had to weigh on him pretty heavily.

 

[Toejam]

I wondered how the CEO of BJ energy passing away would effect the team. Guess we just found out...

 

[you]

Randy McMullen issued the following statement from C&J Energy Services:" We have enjoyed and greatly benefited from our relationship with Bob over the last 8 years, both on and off the track. We support Bob in his next steps and look forward to continuing to work with him for many years to come on other ventures”

That's interesting.

 

[cephus]

dang aint gonna b long till NHRA becomes FSHRA ,,,,, big money and politics hav ruined a lot
of good things and getting worse

 

[Mike_in_Toney]

That's not funny.E="Mike Tillery, post: 354291, member: 9031"]Doesn't Dixon have his own stuff? Maybe he could pull Leah in for a few races. I think the Quaker State deal was only for five races if I recall correctly.

Thats

Assuming you're joking... That's not funny.[/QUOTE]
No foul intent intended. When I originally read Steve's post I thought he was referring Larry's cancer situation. I read into it wrong, so I'm editing this post. As for the Leah situation, I hated it for Larry this year. I am a big fan of his. I totally think it was a business situation and she had money and someone either BVR or CJE made a decision on who would drive the CJE car this season. I was just throwing out a theory out there on how they could both get out there in some fashion. I don't know if he holds any grudges but I think they all know it's business. Didn't mean to ruffle any feathers Steve.
Mike

 

[Pete]

Totally sad this had to happen. I'm quite sure losing Josh was a huge blow to Bob and had him realign his priorities or the meeting was to let him know they couldn't support the team anymore....who knows at this time.
Too bad this happened now...everyone is out of a job!


Does this punch Glendora in the gut too?!?!? When will they understand they NEED to lower costs or PAY MORE!

 

[Pete]

In response to PJ's comment, I'm sure the employees had to be aware to some degree. At least a pretty loud rumor train around the shop. (Since December, see my notes below)
In response to Terry's comment, they're not on the verge of large losses they already had them which is why I believe Vandergriff and team had to have heard some rumblings about the sponsorship money drying up over the last three months.
In 2011 C&J posted a net income of 162 million dollars. In 2012 it was 182 million. In 2013 it dropped to 66.4 million and in 2014 it was 69 million. In the fiscal year of 2015, which just ended in December, the business lost 872.5 million dollars.

http://www.marketwatch.com/investing/stock/cjes/financials

Sponsoring a drag racing operation is the last thing on your mind when you lose almost as much money in 3 months (-455 million in Q3 of 2015) as you made in the four years prior, 2011-2014 (+480 million). The stock plummeted from trading in the 20s and 30s per share to less than a dollar.

I couldn't find any articles confirming Mr. Comstock's cause of death. I'm not going to speculate on his cause of death, but at the young age of 46, watching the company basically completely collapse in less than a year had to weigh on him pretty heavily.

Reminds me of the CMKX deal. Too bad! Really too bad for all!

 

[scooter]

It will be interesting to see if Leah will find a ride so she can compete in the Shootout in Indy

 

[HEMI6point1]

It will be interesting to see if Leah will find a ride so she can compete in the Shootout in Indy

Maybe JFR is looking to expand the TF program to two cars? This would be pretty much a turn-key operation. What about Connelly? I wonder if he's thinking about going back to Pro Stock.

I told my father when Josh Comstock died, "Sad but I have a feeling you'll be hearing about the cars being parked soon." Sure enough, cars are parked.

By my question is.... if the shutdown is really due to C&J pulling the funding (Which I heavily suspect it is), why not just say so publicly instead of a press release that you shut down the team to go fishing? Are we really that PC in this era that we're afraid of hurting a now-former sponsor's feelings?

 

[None]

Are we really that PC in this era that we're afraid of hurting a now-former sponsor's feelings?

Yes only because this now former sponsor may at a later date become a future sponsor.

 

[None]

Maybe JFR is looking to expand the TF program to two cars?

I don't think you will ever see a non Force female at JFR as long as the girls are driving.. Sharing the marketing money is not going to happen. Force might buy the operation, minus the drivers.

 

[mick]

......when will they understand they NEED to lower costs or PAY MORE!

short answer, probably never.
nhra should rebuild the professional classes around the current purses with lower costs (simpler cars) for the pros and ticket incentives for the fans. larry morgan said just recently to paraphrase 'nhra will never get it until they wear our (racers) shoes; the cost to do this just doesn't make sense anymore'.

 

[DrRocket]

While I'm disappointed in the news, I can't say I'm surprised by it. When I heard Josh Comstock had passed (RIP to him, and condolences to family and friends.) I suspected that the days were numbered for this team.

I totally understand Bob's reasons for retireing from the sport, and I can't say as I blame him. When a close, personal friend and business associate passes on, it certainly makes you weigh very heavily on your own mortality, and prorities. I know this from my own experience. After all, your kids are only young once. Once they grow up, those days are gone forever.

I think this whole deal is VERY strange. After 20 years in racing, it's time to quit to spend more family time?

Um, Yes. Why is that so hard to believe?

I can't understand why some of you guys have such a hard time believing a driver will quit due to family concerns. It's happened before, and some of you react the same every time.

People lose their jobs with no advance notice all the time. I'ts happened to me a couple of times. Once me and 5 co-workers had 15 minutes to clean our desks out. (And don't take any blueprints!!!) I usually landed on my feet and kep going. Are you going to try and convince me that Bob's employees didn't start updating thier resumes when Josh passed? If they didn't, they should have.

Good luck Bob in whatever you choose to do.

 

[Randy]

Sad.

 

[sammi]

I really can't see a future for 16 car fields, sadly enough. Since NHRA steadfastly refuses to recognize their pay structure doesn't match the expense to run, they will run out all but the wealthy. Schumacher and Force shrewed recognized that to be successful, you can't depend on NHRA to pony up the funds necessary to run, let alone win. Prudhomme said something presient in his Legends piece. He said, during his hayday, work, not money equaled success. Gotta wonder where the Garlits' and Prudhommes of the future will come from.

At least we old keyboard crewchiefs have our memories.

 

[stitcherbob]

I'm going to be really interested in what Mike Dunn brings to the IHRA...a lot of good TF drivers are on the sidelines over here.....

 

[Irwindale]

That's not funny.E="Mike Tillery, post: 354291, member: 9031"]Doesn't Dixon have his own stuff? Maybe he could pull Leah in for a few races. I think the Quaker State deal was only for five races if I recall correctly.

Thats

Assuming you're joking... That's not funny.[/QUOTE]
I hope Leah never fines a ride

 

[The Counterfeiter]

Feel sorry for everyone involved. Unfortunately, with Mr. Comstock's demise you could see this coming. Bob obviously has a lot of passion for our sport and I'm sure Josh's death and (I assume) having the financial rug pulled out from under him was devastating. Hope team members and drivers find somewhere to land, but it looks pretty bleak.

 

[Race Fan]

"I hope Leah never fines a ride"

Wow dude...That's a little harsh ! why so bitter?

 

[my friends call me Zappy]

I hope the whole team finds work. Gonna miss Bob V, really hope BOTH Dave & Leah find rides soon.