Wednesday, January 28, 2009

New York Times Selling Its Stake In NASCAR

The New York Times and NASCAR – About the only support that the NYT shows for its investment in NASCAR is found on its New York Times Store page. Funny, they do not even feature models of the team that they have a financial stake in, Roush Racing. Image Credit: The New York Times Company

New York Times Selling Its Stake In NASCAR

It was not widely publicized, but the New York Times Company had a financial stake in one of the most recognized racing teams in NASCAR, Roush Racing.

The Gray Lady (or as some have nick named the paper, Fish Wrap) acquired an interest in this motorsports venture when the Boston Red Sox owner John Henry aquired the team and unveiled the car at Fenway Park prior to last June’s Lenox Industrial Tools 300 at New Hampshire.

The NYT, through its motto printed in the upper left-hand corner of the front page, "All the News That's Fit to Print", never revealed that it had invested in a leading NASCAR team … and if it had, may have actually bolstered its image outside of the upper west side of Manhattan and slowed down its demise in subscriptions.

They could have changed its motto to “All The News For The Everyman” … not just an elitist rag anymore

Painted to resemble a baseball with red stitching and “Red Sox” emblazoned across the hood above a “Lumber Liquidators” sponsor logo, the red and white car slowly made its way into the park. It carefully rolled along the warning track in right field, made a right turn at Pesky’s Pole, and came to a stop along the first-base line. Image Credit: Roush Racing/Sox & Dawgs

This excerpted and edited from Full Throttle -

Roush Racing and the New York Times
By Marc, Full Throttle • January 28, 2009

Hard as it is to keep up with the current financial tentacles that are becoming more convoluted with each merger or “alliance” of NASCAR teams it’s understandable some things sail under the radar of daily news.

We’re all familiar with the investment Boston Red Sox owner John Henry took in the Roush Racing team.

It was all very high profile with Roush and Henry presiding over the unveiling of the #99 Red Sox/Lumber Liquidators Ford Fusion at Fenway Park.
Henry acquired a 50 percent stake of Roush’s racing empire for $62 million, that added to Henry’s own empire that includes the Fenway Sports Group - a wholly-owned subsidiary of New England Sports Ventures, the ownership group of the Red Sox, Fenway Park, and New England Sports Network.

However, there was another financial player involved with a 17.75 percent ownership interest in New England Sports Ventures.

That player, unknown to this itinerant blogger and usually referred to as the “Fish Wrap,” (one of many) is the New York Times.

This has come to light with the news the Times is searching for a buyer the New England Sports Ventures portion of its investment portfolio and has retained Goldman, Sachs & Co. as its financial advisor for the possible sale.
Reference Here>>

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