Leavine Family Racing owner Bob Leavine has announced the sale of the organization’s Nascar Cup Series team as a result of the financial impact of the global Covid-19 pandemic.
The team, which has competed in the US stock car racing series since 2011, will continue to compete for the remainder of the 2020 season.
The new buyer has not been disclosed. According to motorsport.com, North Carolina-based auto racing organization Spire Motorsports is expected to acquire the team’s assets.
“It’s with great sadness today that I announce the sale of the Leavine Family Racing team, assets and charter,” Bob Leavine said in a statement. “This decision has not been made lightly. Family has always been a part of the team’s name and this is how we view every member of our race team – as our family. There is no good time to make this announcement, but doing it earlier allows our people to explore employment opportunities, for next season, to provide for their families. There will be opportunities with the new owners which was important to our decision.
“This year has been challenging for not only our race team, but our industry, our country and the entire world. The pandemic has impacted our economy and unfortunately that’s just not something we are able to overcome in order to continue racing beyond this season,” the statement added.