RCR partnership news 2010-02-27

RCR Forms Partnership with Hall of Fame Racing Owners

WELCOME, N.C. (February 27, 2010) -- Richard Childress Racing has entered into a partnership agreement with a group led by San Diego Padres executives Jeff Moorad and Tom Garfinkel.

Moorad, the Padres' vice chairman and chief executive officer, and Garfinkel, the team's president and chief operating officer, will assist RCR in its business development and growth opportunities, and cooperate on other strategic initiatives. They will also participate on RCR's internal advisory group.

"Over the past three years, Richard has become a trusted friend," said Jeff Moorad. "We believe in NASCAR and this opportunity allows us to be a contributing part of a winning organization, led by someone who we respect and trust."

In 2007, Moorad, Garfinkel, and their ownership group purchased Hall of Fame Racing from NFL legends Troy Aikman and Roger Staubach. The team suspended operations after the 2009 NASCAR season.

"I've gotten to know Jeff and Tom and feel that they can add a lot to what we're doing," said Richard Childress, president and chief executive officer of RCR. "This allows us to bring our individual strengths together and benefit all involved. I have learned over the last 40 years that you have to keep innovating and improving to be successful. This new partnership will complement our already strong organization."

-source: rcr