SRX Racing series sues Skip Barber Racing over breach of agreement

The Superstar Racing Experience saga isn’t over yet as the series have publicly refuted claims of takeover from SBR.

SRX Racing series sues Skip Barber Racing over breach of agreement

Ryan Newman's SRX race car (Via NBC)

Co-founded by former NASCAR and IndyCar champion Tony Stewart in 2020, the Superstar Racing Experience or SRX series was one of the hottest stock car racing championships at its peak. But they are now absolute turmoil with a failed sale deal with Skip Barber Racing and more legal trouble on the way.

There was a lot expected from the series when ESPN brough the broadcasting rights for the series with the return of Thursday Night Thunder. But the viewership was pretty poor forcing them to drop the event and just months ahead of the 2024 season, SRX announced another bad news, that it has postponed the 2024 season indefinitely.  

YouTube video

Then in March it was announced by Skip Barber Racing, one of the premier racing schools in the states, has acquired the series. But a recent statement from SRX confirms that it wasn’t the case. SBR is now getting sued by SRX for breach of agreements as they failed to close the transaction on April 30, 2024 as previously agreed.

FS Video
The owners of SRX Racing say that they were unable to close a transaction to sell the series to Skip Barber Racing, and they are now suing Skip Barber for breach of agreement and looking at other options.
Adam Stern reported via X.
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SRX releases a statement on the contract breach

The series released a statement confirming the series not being sold to SBR and detailed why it didn’t go through. They revealed that they didn’t get the payment when they should have and SBR announced the takeover without the prior knowledge of SRX before the financial deal was done, which also was a breach to the agreements.

SRX race at Nashville Fairgrounds Speedway (Via nashvillefairgroundsspeedway.racing)
SRX race at Nashville Fairgrounds Speedway (Via nashvillefairgroundsspeedway.racing)
The Agreement stated that the parties would close the transaction on April 30, 2024. The Agreement also stated that the transaction was to be private and neither party would announce the transaction without the prior consent of the other party. Contrary to that, and without Superstar’s consent, Skip Barber Racing and DeMonte issued a press release falsely stating that they had acquired SRX.
SRX said via a statement.

They confirmed that as the SBR has failed to pay any amount for the purchase the deal no longer stands and SRX still owns the series and its assets. SRX re iterated the public statement made by SBK was false.  It would be interesting to see how the SRX drama would playout with now the law suit is being filed.

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