HAMPTON, Ga. – A Richard Childress Racing spokesperson told CATCHFENCE.com Friday that their Monster Energy NASCAR Cup Series sponsorship with Caterpillar (CAT) and driver Ryan Newman is “all good” despite the recent federal investigation and raid into the construction manufacturer giant.
According to Forbes, the headquarters were recently raided by federal law enforcement authorities over possible tax fraud.
Caterpillar has denied any wrongdoing.
Authorities seized documents and electronic information that could escalate a grand jury investigation into the company’s tax avoidance strategies between its U.S. and foreign subsidiaries.
The raid tumbled Caterpillar’s shares on Wall Street and creates a legal headache for CEO James Umpleby, who replaced Doug Oberhelman earlier this year.
For now, it seems the headache will have no effect on their NASCAR sponsorship endeavors.
Last June, Caterpillar and Richard Childress Racing announced a renewal of their partnership. Terms of their continuation were not disclosed.
“Cat dealers have been building relationships with customers at NASCAR events for more than 20 years. This contract renewal reaffirms our confidence in Richard Childress Racing and their commitment to excellence,” said Pablo Koziner, Caterpillar vice president with responsibility for the Americas Distribution Services Division this past June.
“We are also excited to have Ryan Newman piloting the No. 31 car. Caterpillar is proud to have both Richard and Ryan representing the Caterpillar brand in the sport of NASCAR.”
Caterpillar has been a longtime mainstay of sponsoring NASCAR teams.
Before joining RCR, the Peoria, Ill.-based company was a sponsor for Bill Davis Racing from 1999-2008. Their greatest achievement was linked to driver Ward Burton winning the 2002 Daytona 500.
Before having a presence in Cup, CAT was an XFINITY Series sponsor from 1995 to 1996. Their relationship with RCR began in 2009 with driver Jeff Burton. When Burton retired from full-time racing in 2013, Newman was tapped as the replacement.
On Friday, Newman qualified his No. 31 Richard Childress Racing Chevrolet on the outside pole for Sunday’s Folds of Honor QuikTrip 500 at Atlanta (Ga.) Motor Speedway. The qualifying effort stretches the team’s strength during time trials, which includes qualifying third in the season-finale at Homestead-Miami (Fla.) Speedway last November.
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