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Before I get into this much further, I would just like to wish Kellen here at Racer X a very happy Jefferey Herlings day! New contract for the Bullet and a series kick off as well!
As I wrote about for MX Vice, Ryan Dungey leaving GEICO just months into buying into the team as a part-owner is a head scratcher for sure. Even more so when you see that Dungey went and deleted all mentions of GEICO Honda (other than the announcement that they were parting ways) off his Instagram. People I spoke to say that most of the reason why was the time commitments to the team were a bit more than he wanted but that also he was the one making those commitments. No one on the team was asking him to be so deeply involved with the riders and the team. As my source told me, “Ryan’s all in or he’s all out” so he couldn't just be in halfway. His financial interest in the team never got officially finished either so he’s 100 percent out of the deal now. I know from other people that he was a bit frustrated in dealing with some of the things that couldn’t happen right away, some of it due to riders, parents, agents, etc. When you’re solely in charge of your career like Ryan was for so long, maybe some decisions that you have to wait on or can’t be done the way you’d like might be frustrating for you. But, mostly, I've heard he was committing more time to the project than he originally expected. Whatever the reason is, Ryan Dungey’s out at GEICO Honda and so save those photos of him on a Honda, they’re collectors items now!
The Shop
It’s time to double up my tin foil hat, they’re still getting through to me!!!!
You piss of the team, sponsors, share holders.
If it is true, he just brought down his name pretty heavily for future similar equity based opportunities, that goes quiet strongly towards RD as a stand up guy, hence the speculation.
Fully understand if you in your world feel it is normal behavior to act as RD did.
They have stated RD had done the investment and became share holder.
It is very normal to have a transaction date in the future (for people to get time to release funds), but, that is just a technical detail and typically have no real meaning to the actual deal.
You only deviate from that if, again, there is a breach of contract or a failure to disclose critical items. Pulling out, not following through, is subject for financial damage. I mentioned above there is quiet some time and capital going into a deal like this, from all parties and that is now wasted, In addition to for example Geico's name getting dragged in the "dirt".
I'm just telling you how it normally works. If this was a commercial, normal, investment based transaction with standard T&C, RD would be subject for penalty for pulling out like that. I also said, if you want to pull out, the liability you sit on typically is substantial and you then look to see if there is contractual breach (for example failure to disclose) to lean on as exit strategy.
No matter what, it is a shit show looking in from the outside.
It's the most ridiculous conspiracy theory out there, but the most fun to talk about!
I'd guess that Dungey don't give a F**K about "future similar equity based opportunities" with an MX team.
These teams don't earn enough to justify the investment strictly for profits' sake - go ask Genova or the Butlers or Bobby Regan if they are significantly richer because of net income from their race team.
Ryan could probably earn more money recycling aluminium cans than he could owning part of a race team. This Geico part-owner thing was probably just a hobby in the first place...
The Championship bonuses alone....
Pit Row
If I where Intense, having RD onboard just got a lot less value.
FWIW, I hope The Dung sticks around in some form if not now, at some point. Being Decosters understudy his entire career is worth it’s own weight in gold to someone.
5 minutes till they line up!! Pin it
That falls on Dungey too. And I’m a huge Dungey fan...named my dog after him!
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