How Much Did 7-11 Buy Speedway For? [Solved!]

On October 12th, 2019, 7-11 announced that they had purchased a 48% interest in NASCAR Cup Series driver Richard Petty’s 80+-year-old team, Richard Petty Motorsports. Rumors had it that the sports merchandise company had shelled out around $15-20 million for the whole team. We took a closer look at the buyout to find out exactly how much 7-11 spent on the legendary Richard Petty Motorsports.

How Has Richard Petty’s Career Changed Since He Signed His First Contract With 7-11 In 1953?

When 7-11 first showed up in NASCAR in 1953, Richard Petty was driving a modified school bus for owner Leo Arpinston. Arpinston had purchased the bus from a school superintendent who didn’t need it anymore. As it turned out, Arpinston was one of the first to own a part of the iconic Richard Petty Motorsports. That year, 7-11 offered Petty a contract with their company that would last for 14 seasons and earn him over $1 million in today’s dollars. For decades, NASCAR had prohibited tire spinners, so Richard Petty was forced to modify his driving techniques to be able to outduel his competitors.

Afterwards, the legendary driver would go on to win 11 more championships and earn over $100 million in today’s dollars. In 2019, Petty is still looking for his first NASCAR win since 2005 and has yet to score a pole position.

While his earnings have declined in recent seasons, the 75-year-old still manages to pull in around $4 million annually in NASCAR revenue, which is considered to be a high wage for a driver in today’s economy. 7-11 continues to sponsor Petty in various capacities and the team recently signed a three-year agreement worth a reported $18 million. The company also sponsors Ransom Stoddard, who will serve as crew chief for the entirety of the 2020 season. Stoddard has taken over the role from former crew chief Cole Pearn, who is now serving as the team’s director of racing operations.

Has Richard Petty Ever Done Anything To Benefit Non-Profits?

While he is one of the most recognizable figures in NASCAR, Richard Petty has never really embraced the role of a public figure. However, in 2019 he did finally embrace a smaller cause when he signed on as a sponsor for the NASCAR Whelen All-American Series. As the name implies, the all-star race is a showcase for up-and-coming drivers who are either making their way up through the ranks or have recently graduated high school. The race is slated to take place in his home state of Georgia on October 12th.

In the past, Richard Petty had avoided getting involved in too many outside projects. The only other time he had endorsed a cause was during the 2009 season when he signed on as a sponsor for the American Red Cross. The organization had reached out to the driver after the 2008 racing season to contribute $250,000 to their charity. He obliged and the team went on to raise over $300,000 for the Red Cross during the season. That same year, his former crew chief, Cole Pearn, also got involved in a similar project when he helped raise funds for Doctors Without Borders. Since then, John Petty has kept his father’s team intact and continued to build it up into one of the most respected teams in NASCAR. In 2019, they clinched their 14th consecutive championship with two races to spare.

What Does This Mean For The Future Of NASCAR?

With Richard Petty heading into his 76th season and still going strong, it’s clear that he has no intention of slowing down anytime soon. In fact, he’s probably eager to continue driving for as long as possible. The 48% interest in his team purchased by 7-11 is likely a one-time thing and doesn’t mean that they’re trying to make any big changes to the sport. That being said, it’s hard to ignore the fact that 7-11 is one of the largest corporations in North America, if not the world. They have a vested interest in making sure that NASCAR continues to grow its audience, which, in turn, helps them generate more business. For the most part, it is unlikely that we will see 7-11 heavily involved in the day-to-day operations of a NASCAR team. Still, it’s always interesting to see how NASCAR’s biggest stars fit within the corporate structure.

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