Teresa Earnhardt Looking to sell DEI

UPDATE #3 Max Siegel vehemently denied that Teresa Earnhardt is looking to sell Dale Earnhardt Inc. and added that he has no interest in pursuing purchase of the NASCAR team. “We are absolutely not for sale," the DEI president said Saturday at Chicagoland Speedway. “Every team in this sport has had to look at change in the business model to generate new revenue streams and grow the business to finance racing operations.

“Racing is a core business. If the sponsorship market is up and down and cyclical [and] if you’re going to compete on the racing operation on a weekly basis, you’ve got to fund it. We’ve been approached like every other team by many people trying to get involved in the sport. We would be foolish to not sit down and listen to any strategic partner that would add value to our organization." Scenedaily.com

07/08/08 DEI President of Global Operations Max Siegel today denied a report that DEI CEO Teresa Earnhardt "had commissioned investment banking firm Bear, Stearns & Co., Inc. to locate a buyer or financial investment partner." Siegel: "We are not for sale right now. Nothing is imminent." Siegel also was "forced to approach his driving corps with assurance that the team is currently not for sale" ESPN.com

07/08/08 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

Teresa Earnhardt

07/07/08 Sirius NASCAR Radio's Sirius Speedway is reporting today that Teresa Earnhardt has enlisted the services of Bear, Stearns and Company 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