From Doc Lehman
Caseyville, IL, October 25, 2003
Petroff Towing announced today that they have opted to end their ownership of Don O’Neal Racing at the conclusion of the 2003 season. Edward Petroff, speaking on behalf of Petroff Towing, stated that they wish to limit their involvement to team sponsorship and pursue other potential motorsports endeavors.
Despite their parting, the owner remains proud of the accomplishments the team shared in the past two seasons such as their 45+ feature wins (which include some of the most prestigious titles in dirt late model racing) and total winnings in excess of $550,000. “Don is a great driver and our successes in the last two years prove that he has talent. We started this team in the twelfth hour after his other plans fell through and he was left without a ride. I made it clear when we started that my support, resources and equipment were only to help him get established by allowing him to save money for creating his own team. Our performances speak for themselves and I think we exceeded all expectations, so now is a perfect opportunity for him to own a team and we wish him well in his pursuit,” stated Petroff.
Upon discussion, Mr. Petroff also cites differing outlooks between the two parties. “The daily demands and operational needs of the O’Neal team require more time and continued backing than I wish to pursue for a third year. After two successful years where Don has kept the earnings, I feel that the financial situation has matured enough so that it is feasible for him to purchase his own equipment. Don passed on another option, which was to provide 10% of 2004’s net winnings so we could continue to upgrade and refresh our equipment. He did not feel comfortable committing to this 10% reinvestment. I do not want to put either of us in a situation where he feels uncomfortable or I am not confident that we can continue to grow as a team and remain competitive. I felt it was best to part ways while we have strong momentum from two profitable seasons so it would allow for an easy transition where Don can take the earnings and put them in to his own racing program.”
When asked if Petroff Towing will remain involved in racing, the response was instantaneous - “I love dirt racing,” Petroff continues, “It has been my hobby and passion for over thirty years and I plan on being involved via sponsorship but the days of ownership are over. Since we do not receive returns on our investments, it is best for us to just give sponsorships to various teams so we do not have the stresses of the daily operations and management. We are also following up on a few interesting opportunities that have presented themselves in different types of motorsports. From now onwards, it is simply about having a good time and enjoying the races.”
The company has not yet finalized all of their 2004 plans at this time and will make additional announcements once details are complete.
Caseyville, IL, October 25, 2003
Petroff Towing announced today that they have opted to end their ownership of Don O’Neal Racing at the conclusion of the 2003 season. Edward Petroff, speaking on behalf of Petroff Towing, stated that they wish to limit their involvement to team sponsorship and pursue other potential motorsports endeavors.
Despite their parting, the owner remains proud of the accomplishments the team shared in the past two seasons such as their 45+ feature wins (which include some of the most prestigious titles in dirt late model racing) and total winnings in excess of $550,000. “Don is a great driver and our successes in the last two years prove that he has talent. We started this team in the twelfth hour after his other plans fell through and he was left without a ride. I made it clear when we started that my support, resources and equipment were only to help him get established by allowing him to save money for creating his own team. Our performances speak for themselves and I think we exceeded all expectations, so now is a perfect opportunity for him to own a team and we wish him well in his pursuit,” stated Petroff.
Upon discussion, Mr. Petroff also cites differing outlooks between the two parties. “The daily demands and operational needs of the O’Neal team require more time and continued backing than I wish to pursue for a third year. After two successful years where Don has kept the earnings, I feel that the financial situation has matured enough so that it is feasible for him to purchase his own equipment. Don passed on another option, which was to provide 10% of 2004’s net winnings so we could continue to upgrade and refresh our equipment. He did not feel comfortable committing to this 10% reinvestment. I do not want to put either of us in a situation where he feels uncomfortable or I am not confident that we can continue to grow as a team and remain competitive. I felt it was best to part ways while we have strong momentum from two profitable seasons so it would allow for an easy transition where Don can take the earnings and put them in to his own racing program.”
When asked if Petroff Towing will remain involved in racing, the response was instantaneous - “I love dirt racing,” Petroff continues, “It has been my hobby and passion for over thirty years and I plan on being involved via sponsorship but the days of ownership are over. Since we do not receive returns on our investments, it is best for us to just give sponsorships to various teams so we do not have the stresses of the daily operations and management. We are also following up on a few interesting opportunities that have presented themselves in different types of motorsports. From now onwards, it is simply about having a good time and enjoying the races.”
The company has not yet finalized all of their 2004 plans at this time and will make additional announcements once details are complete.
