Word: dei
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...proud. Sitting next to his sister and with other family members in the audience, Earnhardt, Jr., announced Thursday what many in NASCAR circles felt never would be allowed to happen - NASCAR's most popular driver would be leaving the company that bears his father's name, Dale Earnhardt Inc. (DEI), as a driver at the end of the 2007 campaign...
...elder Earnhardt, who drove for Richard Childress Racing for the last 17 years of his life, started DEI in 1980 to control the marketing and merchandising side of his name and image. He was the first driver to truly take command of his business affairs and gained a reputation for being as calculating and ruthless in his dealings off the track as he was racing on it. Dale Earnhardt, Sr., wanted control over his affairs...
...Going into the final year of his contract with DEI, Earnhardt, working with his sister and business manager Kelley Earnhardt Elledge, said that he wanted at least 51% of the family business to continue his career there. Elledge had given a date of late May for striking a new deal or moving on, but Earnhardt said Thursday that the sides were so far apart that there was no need to wait until then to make the split official...
...prepared statement on the DEI website, Teresa Earnhardt, CEO of DEI and Earnhardt's stepmother since 1982, said, "While we are very disappointed that Dale Jr. has chosen to leave the family business, we remain excited about our company's future. Our aggressive expansion and diversification plans have not changed. This company has continued to thrive since Dale left us in 2001, and it will thrive following today's announcement. Dale and I built this company to be a championship-contender, and those principles still apply...
...recognize that his celebrity was, is and will be the driving force behind the lucrative sponsorship deals and broad-based fan support that fuel the business. In a time when even well-heeled shops like Roush Racing are looking to outside investment capital to fund this very expensive sport, DEI just lost its biggest asset. No other driver, regardless of his success, could ever be as important to DEI as was the son and namesake of its founder. His value to the company could easily be worth $100 million or more...