Forbes names NASCAR's most wealthy
The weak economy has pummeled NASCAR over the past three years, with sponsorships, merchandise sales, race winnings and subsidies from automakers falling. Fans have tuned out, sending TV ratings down 24% since 2006 and leaving more than 40,000 empty seats at some races last year. One of its longest-tenured teams, Richard Petty Motorsports, was scrambling for cash on a week-to-week basis so it could race on weekends last fall.
Is NASCAR headed for a full-blown meltdown?
Hardly. Yes, the value of the top 10 teams slid 5% in 2010, on average, to $136 million by Forbes count, as prize money dropped and sponsors dialed back their commitment, but a rebound in 2011 for the sport is a strong possibility. NASCAR's strongest and most valuable team remains Hendrick Motorsports. With a valuation of $350 million on revenues of $177 million in 2010, Hendrick is worth 56% more than the next-highest-grossing team, Roush Fenway Racing, which Forbes value at $224 million on revenues of $140 million last year.
Hendrick earned a NASCAR-high $18 million in operating income (earnings before interest, taxes, depreciation and amortization) in 2010. Richard Childress Racing was third on the list, followed by Joe Gibbs Racing and Penske Racing. Rounding out the top 10: Stewart-Haas, Michael Waltrip Racing, Earnhardt-Ganassi Racing, Richard Petty Motorsports, and Red Bull Racing.
Despite his lack of success in recent years on the track, Dale Earnhardt Jr. remains NASCAR's highest-paid driver, earning $29 million in 2010 thanks to merchandise sales that are the best in the sport and reportedly account for one-third of all NASCAR licensed merchandise sales.
Other income streams include a 10-figure annual salary from Hendrick and a 50% share of his $4.9 million in winnings and bonuses in 2010 from Sprint Cup races. Earnhardt also has a bevy of personal endorsements, including Chevrolet, Nationwide and Wrangler.
Hendrick teammate Jeff Gordon follows Earnhardt in the NASCAR money standings with earnings of $25 million last year. It is a clean sweep for Hendrick at the top with five-time Sprint Cup champion Jimmie Johnson, the third-highest-paid driver at $24 million. The rest of the top 10: Tony Stewart, Kevin Harvick, Carl Edwards, Kyle Busch, Kasey Kahne, Denny Hamlin, and Matt Kenseth. Forbes