Superstar Racing Experience (SRX) Suing Skip Barber Racing for Breach of Contract

Toby Christie | Aug 26, 2024

Tony Stewart drives in the SRX race at the Nashville Fairgrounds Speedway Saturday July 9, 2022; Nashville, Tennessee, United States; at Nashville Fairgrounds Speedway. Mandatory Credit: Alan Poizner-The Tennessean Auto Racing Srx Race At Nashville Fairgrounds Speedway / Alan Poizner / USA TODAY NETWORK

The Superstar Racing Experience (SRX) issued a statement on Monday in regards to its relationship with Skip Barber Racing. If you recall, back in March, Skip Barber Racing announced that it had acquired the racing series, which had run three consecutive six-race seasons from 2021 to 2023.

While many expected announcements quickly following that acquisition announcement about the future of the series, there had been radio silence about SRX since the announcement in March. Monday's statement from SRX shed quite a bit of light on why there hasn't been any noise coming from the Skip Barber Racing/SRX camps.

According to SRX, Anthony DeMonte had executed an Asset Purchase Agreement on behalf of Skip Barber Racing to purchase the racing series. However, in the agreement, it was agreed that neither Skip Barber Racing or SRX would announce the transaction without the prior consent of the other party.

Skip Barber Racing didn't have the consent of SRX when they blasted the acquisition announcement in March. Additionally, SRX alleges that Skip Barber Racing has failed to make payment of any kind on the acquisition transaction, which was scheduled to clos on April 30, 2024.

As a result, SRX states, "...contrary to their false public statements, Skip Barber Racing did not purchase and does not own SRX or any of the series' assets." SRX has also filed a lawsuit in Rowan County, North Carolina against Skip Barber Racing and DeMonte. The racing series is seeking full damages for Skip Barber Racing's breach of contract.

As for the future of the SRX Series, SRX states it will continue to explore strategic options as it relates to its future.

Founded in 2021, the SRX Racing Series had become a modern short-track version of what essentially was the International Race of Champions (IROC). SRX was an invitational style racing series, which featured retired legends and current competitors from different forms of motorsport in equally prepared cars.

Tony Stewart, who co-founded the series, took home the inaugural season championship in 2021. Marco Andretti became the series' second-ever champion in 2022, and Ryan Newman took home the championship in what is, to date, the final season of SRX competition in 2023.