TRENDING First CFP rankings NFL execs talk trades What MLB's labor proposal means Week 9 Waiver Wire NFL Power Rankings Story by Story by “No Longer Entirely Yours”- Dale Jr. Warns NASCAR Teams Over Dangerous Loss of Control With Outside Investors NASCAR, Motorsport, USA Xfinity Series 2023: Food City 300 NASCAR Xfinity Series Driver Dale Earnhardt Jr. 88 takes to the track for the Food City 300 at the Bristol Motor Speedway in Bristol TN. LicenseRM 20751467 Copyright: xZoonar.com/LoganxTxArcexGrindstonexMediaxGroup/ActionxSportsxPhotographyx 20751467 ©IMAGO/Zoonar Dipti Sood · EssentiallySports Thu, November 5, 2026 at 12:29 AM UTC · 4 min read About Our Ads Advertisement Advertisement Advertisement Brad Keselowski wanted to buy RFK Racing outright. His fellow owners, Jack Roush and Fenway Sports Group, rejected the offer. By October 31, the former Cup champion had agreed to step down from his leadership roles and remain only a passive investor. He could still own a piece of the team, but he would no longer help run it. That change says a lot about the ownership questions now moving through NASCAR. Dale Earnhardt Jr. sees a risk in the rush to bring outside money into the garage.
"I mean, there are all these teams talking about wanting investors. That's wild to me. Bringing in investors means you lose a little bit of control," Earnhardt said on Dirty Mo Media.
Keselowski's situation is not proof that investors caused the disagreement at RFK. He said the differences were not adversarial. Still, the outcome shows how complicated shared ownership can become. Keselowski wanted to continue as a driver and competition leader. His partners saw his future role differently. His attempt to take full ownership failed, and he is now preparing to sell his 20 percent stake.
That is the tension behind Earnhardt's warning. A team owner may bring in money to strengthen an organization, only to discover that the new partners have their own ideas about how it should operate.
Dale Jr.'s warning signals a seismic shift in NASCAR's power structure. Subscribe to stay ahead of how outside money is reshaping the sport's future.
The interest is hardly limited to RFK. Trackhouse Entertainment Group has backing from Marc Lasry's Avenue Sports Fund. Harris Blitzer Sports & Entertainment has invested in Joe Gibbs Racing, while TWG Global holds a major stake in Spire Motorsports. Knighthead Capital Management is also involved with LEGACY MOTOR CLUB.
The latest sign came on November 4, when LEGACY announced more members of its strategic ownership group. The group now includes 28 people from sports, entertainment, and business. Jimmie Johnson is using those connections to build the organization beyond its racing operation. He has also said the investment has diluted his original 51 percent stake, though he retains control of the company.
There are good reasons teams are looking for investors. Running a Cup organization costs millions, and owners need money for equipment, personnel and expansion. The charter system has also made teams more attractive to buyers. Following NASCAR's settlement with 23XI Racing and Front Row Motorsports, charters became permanent, giving investors a more secure asset.
But the money does not come without expectations. Under the current charter agreement, private equity ownership in a Cup team cannot exceed 49 percent. That restriction still leaves room for outside partners, who can bring business experience and contacts. Johnson has spoken openly about the value his investors provide.
Earnhardt, however, is thinking about what happens when those investors expect a return before a racing operation is ready to deliver one.
"Those investors are going to want results. They're going to want control, and they're going to want to know what's going on," he said. "The team you once pulled all the strings on is no longer entirely yours to control."
He does not expect every new venture to succeed immediately. Earnhardt pointed to Toyota's early days in the Truck Series as an example.
"I don't expect it to go well right out of the gate. I don't think that's necessarily a bad thing. I just think when Toyota came in, they didn't succeed right away."
That distinction matters. Racing programs need time to develop, while investors may have financial targets of their own. NASCAR's growing appeal is bringing new money into the sport, but it is also changing the relationship between team founders and the people backing them. The question is no longer simply who can afford to own a team. It is who gets to decide what happens after the investment is made.
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