The Jimmie Johnson owned teams alleges various improprieties by former Spire Motorsports owner TJ Puchyr.
A North Carolina superior court judge issued on Thursday a temporary restraining order that prevents Rick Ware Racing from selling its NASCAR Cup Series team to TJ Puchyr as part of an ongoing legal dispute with Legacy Motor Club.
The order will remain in place through July 8 with Legacy, owned by seven-time Cup Series champion Jimmie Johnson, required to post a bond of $5 million by the end of business day on Friday.
According to the Associated Press, ‘Rick Ware Racing's attorneys had requested the bond amount be set at $150 million — the agreed purchase price between RWR and Puchyr, one of the founders of Spire Motorsports who now is a consultant to various race teams and sponsors.’
Rick Ware Racing is being sued by Legacy over a dispute that resulted from an agreement that Puchyr brokered that would see RWR sell one of its two charters to the Johnson owned organization. RWR owns two charters, one that is currently leased out to Roush Fenway Keselowski for the No. 60 team and driver Ryan Preece and the one it uses for its No. 51 team and driver Cody Shane Ware.
Teams are allowed to loan their charter out once per charter agreement, which runs the course of each broadcast rights agreement, and the dispute is over which charter was intended to be sold and by which year it would be sold.
Legacy requested the TRO as a result of Puchyr announcing plans in June to purchase Rick Ware Racing outright, which is maintains was a breach of the relationship he had fostered with both parties in negotiating a charter transfer agreement.
Mecklenburg Superior Court Judge Clifton Smith is considering Legacy preliminary injunction request.
“What we know is that these promises were made and this backdoor transaction was apparently entered into and is apparently a binding agreement, although not yet closed,” Legacy attorney Keith Forst said according to the AP. “There is really no harm to defendant whatsoever, and there is tremendous harm to plaintiff Legacy if this closing of these assets in fact happens."
A trial is scheduled for January.
Category: General Sports
