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NASCAR: Scott Speed Files $6.5 Million Lawsuit Against Red Bull Racing

HOMESTEAD, FL - NOVEMBER 20:  Scott Speed, driver of the #82 Red Bull Toyota, stands in the garage during practice for the NASCAR Sprint Cup Series Ford 400 at Homestead-Miami Speedway on November 20, 2010 in Homestead, Florida.  (Photo by Jason Smith/Getty Images for NASCAR)
Jason Smith/Getty Images
Ashley McCubbinAnalyst INovember 9, 2016

On December 8th, Scott Speed made it public that he was going to be suing Red Bull Racing. READ HERE

On December 11th, the amount has been made official and the lawsuit is filed. SceneDaily reports that Speed has filed a $6.5 million lawsuit against Red Bull Racing in the North Carolina Superior Court.

Speed says in his claim that the was unfunded by Red Bull to be able to compete at the Cup level.

SceneDaily goes on to say that "according to the lawsuit, Speed signed a three-year deal in September 2007 for a salary of $300,000 in 2008, $500,000 in 2009 and $1 million in 2010. He would receive 50 percent of prize money for each top-10 finish, 45 percent for finishes 11th-20th and 40 percent of prize money for finishes of 21st or worse.

"In June 2008, the deal was amended to include 2011 at a salary of $1.5 million and options for 2012-2013 at raises of $500,000 annually. In January 2010, the deal was revised to cut Speed's pay from $1 million to $500,000 for 2010, according to the complaint."

Speed adds in the lawsuit that Red Bull picked up Speed's option through 2013 in May 2010, but then broke that promise via firing him on November 23rd. The $6.5 million represents the salary that Speed would have received from 2011-2013.

The reason behind Speed filing the suit is he is not happy with how Red Bull Racing treated him with regards to the release, but also he needs the money to pay the bills next year via the chance of getting a ride now is slim.

Red Bull Racing indicated to SceneDaily on Wednesday that they would not comment on the situation.

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