One of the perks of creating a successful racing franchise today is the money that comes with it. But this wasn’t always the case. If you turn back the pages of the history book you’ll find the founder of Hendrick Motorsports, Rick Hendrick, being a key figure in changing the financial mechanisms of the sport to transform it into a money minting machine.
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Though Hendrick Motorsports is now one of the most valued teams in racing worldwide, Mr. Hendrick never actually believed that he could make money out of it when things first began in 1984. He says in an interview with Jason Stein of Cars and Culture, “I never intended to make money, I just intended not to lose my butt.”
His strategy to achieve this goal was to merge the workings of his automobile business with racing. And fortunately, it ended up doing a lot more than what he’d hoped for. On what he did differently from the tradition back then, he says, “They let RJ Reynolds do the marketing for them [NASCAR]. But the teams didn’t market. So we used some of the things I did in the automobile business. Working with people and sponsors and B2B opportunities…”
In 2024, Hendrick Motorsports steps into its 40th year of operation. Courtesy of Mr Hendrick’s business knack and the multiple championships the team collected along the way it is now worth more than $300 million according to a 2020 report. In its 140-acre headquarters in Concord, the team has over 500 employees working to support their four drivers in the Cup Series.
aThe precursor to the racing team, Hendrick Automotive Group, is an even bigger giant that employs over 10,000 people and generates more than $12 billion in revenue.
The man to succeed the empire that Rick Hendrick has created
Certain names in racing are synonymous with Hendrick Motorsports. That of 4-time Cup Series champion Jeff Gordon is one of them. Gordon raced for the team throughout his career and retired from his full-time role in 2015.
After a brief stint away from the team to spend his days as an analyst for Fox Sports he returned in 2022 and assumed the role of vice-chairman to Mr. Hendrick. Today, Gordon is only second in line to ascend the throne of Hendrick Motorsports.
The team owner affirmed the same when he said, “That’s the way we’re going. Whenever I finally step away, it’ll be Jeff Gordon in my place.” Inheriting a team as popular and powerful as Hendrick Motorsports is no doubt the greatest prize that loyalty can get you. Hopefully, Gordon will build on the perfection that Mr. Hendrick has mastered and take the team to unseen heights.
