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Teresa Earnhardt Looking to sell DEI? UPDATE 2 Reports Refuted: Sirius NASCAR Radio's Sirius Speedway is reporting today that Teresa Earnhardt has enlisted the services of Bear, Stearns and Company [actally there is no more Bear Stearns as JP Morgan aquired them] to find a buyer -- or at least a major financial investor -- for Dale Earnhardt, Inc. Bear Stearns is an investment bank, securities trading and brokerage firm based in New York City, and has been charged with finding a buyer for the entire operation. Barring that, Earnhardt is said to be interested in selling at least a minority interest in the team. DEI President of Global Operations Max Siegel declined to comment on the story when contacted earlier today.(Sirius NASCAR Radio's Sirius Speedway)(7-7-2008)
UPDATE: Max Siegel, President of Global Operations at DEI is currently in negotiations with major investors to buy Teresa Earnhardt out of DEI, a source close to the negotiations said Monday. It appears now that Teresa is finally willing to sell, and Siegel is working diligently with a number of potential investors to take the company over. Sources said Siegel would not just be buying a portion of DEI or a controlling interest, rather, he would be buying the entire company. Sources said, Teresa has agreed to walk away from the company entirely for the right price. That price is supposedly somewhere between $115-$130 million dollars. With one exception...Teresa would retain the rights to all "Dale Earnhardt' and 'Intimidator' rights and merchandise sales. Siegel would only be buying the DEI race teams, and real estate including all race shops and the DEI headquarters in Mooresville, NC. Sources said Siegel is very serious about the purchase and appears to have investors salivating over the opportunity to own the legendary team. In addition, Teresa has grown more frustrated with NASCAR nation following her fall-out with the sports most popular driver, and wants nothing more than to be out of the public eye for good.(Captain Thunder Racing)(7-8-2008)
UPDATE 2 reports refuted: Dale Earnhardt, Inc. is not for sale -- right now. DEI president Max Siegel on Tuesday refuted an Internet report that company owner Teresa Earnhardt had commissioned investment banking firm Bear, Stearns & Co., Inc. to locate a buyer or financial investment partner. "We have not engaged Bear, Stearns or Goldman Sachs or anyone else," Siegel said. "We are contacted all the time by outside firms about getting involved in the sport. We are not for sale right now. Nothing is imminent. Are we constantly weighing that as an option? Does that make sense? Quite frankly, we don't know," Siegel said. "Every team is looking for a way to bring in appropriate resources. Every single one. We haven't engaged anybody. People obviously approach us -- they're approaching everybody. We're looking to be around for a long time in future. We're feeling pretty damn good about where we're going, competition-wise." Siegel was forced to approach his driving corps with assurance that the team is currently not for sale. "I have assured them it's not true," Siegel said.(ESPN.com)(7-8-2008)
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