Tony Stewart-led SRX racing sues Skip Barber over breach of agreement: Reports

NASCAR Hall of Famer Tony Stewart's SRX Racing series recently filed a lawsuit against Skip Barber Racing, alleging a breach of their agreement. Earlier this year, Skip Barber Racing announced that they had acquired SRX; however, there was no formal announcement made by the latter.

SRX (Superstar Racing Experience) is a stock-car racing series founded by Tony Stewart and former HMS crew chief Ray Evernham in July 2020. Ahead of its debut season in 2021, Camping World acquired the naming rights, eventually leading to the series being called Camping World SRX Series.

SRX Racing initially announced that it would not return in 2024. However, Skip Barber Racing later announced its plans to acquire the series and continue its operation. According to SRX, Anthony DeMonte signed an Asset Purchase Agreement on behalf of Skip Barber Racing, with both parties agreeing not to announce the deal without mutual consent.

Sports Business Journal's journalist Adam Stern shared the news of SRX suing Skip Barber Racing for breaching the terms of their agreement. Here's what he wrote on X (formerly Twitter):

"The owners of @SRXracing say that they were unable to close a transaction to sell the series to Skip Barber Racing, and they are now suing Skip Barber for breach of agreement and looking at other options."

The report suggests that Anthony DeMonte and Skip Barber Racing have not yet transferred the agreed amount for purchasing the series. Additionally, it has been learned that Skip Barber Racing does not currently own the series or any of its assets.

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"Expectations tempered by market factors" - SRX Racing's statement on postponing their 2024 campaign

Following the conclusion of SRX Racing's 2023 season, they announced that they would not be racing in 2024. However, a few months later, Skip Barber Racing announced their takeover of SRX, which has now led to a lawsuit.

Back in January, SRX Racing issued a statement on their X handle, shedding light on the situation. Here's what the official statement said:

“It is with deep disappointment that we announce the postponement of SRX’s fourth season. We entered the next phase of our racing series with great anticipation and excitement for what was ahead. Our expectations, however, have been tempered by market factors that have proven to be too much to overcome. Time has run out to put forth the kind of events our fans, partners, drivers and tracks deserve.”

NASCAR legend Tony Stewart was crowned the champion in the inaugural season of SRX, followed by part-time Truck Series driver Marco Andretti in 2022. Former Cup Series driver Ryan Newman emerged victorious in SRX's 2023 campaign.

Other notable moments in the series include NASCAR's father-son duo, former Cup Series champion Chase Elliott competing against NASCAR Hall of Famer Bill Elliott, at the Nashville Fairgrounds in 2021.