Speed, however, wasn't quite willing to go quietly, and has filed a $6.5 million lawsuit against Red Bull. In the latest news, as reported by Scene, a North Carolina judge denied Red Bull's request to dismiss the suit, and will permit it to proceed. Speed had a seven-year history with Red Bull, even running Formula One in 2006 and 2007 and ARCA and trucks in 2008.
Red Bull had contended that Speed's NASCAR contract called for him to be fired if he didn't finish 15th in the standings. (He didn't.) Speed's counterclaim is that Red Bull didn't provide sufficient funding to run a top-flight NASCAR team.
Red Bull's reply? Because Speed finished 15th or better six times, and qualified 15th or better seven times, "even based just on this actual performance, the equipment to Speed was clearly satisfactory and competitive."
One fascinating element? The look into the mysterious world of driver contracts. The lawsuit notes that Speed's deal signed in September 2007 called for salaries of $300,000 in 2008, $500,000 in 2009 and $1 milion in 2010. Speed's performance bonuses included 50 percent of the prize money for top-10 finishes, 45 percent for 11th-20th, and 40 percent for any finish worse than that.
The company and Speed added to the deal in September 2008, with a salary of $1.5 million for 2011 with options for 2012 and 2013 with $500,000 raises per year. But in January 2010, a new deal halved Speed's pay for 2010. Four months later, Red Bull picked up Speed's option through 2013, but then fired him in November. (Kahne signed on with Red Bull in August. Surely there's no connection there.)
The suit's dollar figure arises from the salary Speed would have received from 2011 through 2013. The case will now proceed, and we shall be watching closely.
North Carolina judge denies Red Bull request [Scene Daily]
Lauren Conrad Arielle Kebbel Jessica Paré Leelee Sobieski Teri Hatcher
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