Privateer teams 2001 financial report

American Le Mans Series Privateer Teams Receive $1.7 Million BRASELTON, Ga. (November 7, 2001) -- Privateer racing teams in the American Le Mans Series collected more than $1.7 million in purse and point fund money during the ...

American Le Mans Series Privateer Teams Receive $1.7 Million

BRASELTON, Ga. (November 7, 2001) -- Privateer racing teams in the American Le Mans Series collected more than $1.7 million in purse and point fund money during the recently-completed 2001 season as part of the series' philosophy of rewarding the participation of non-factory supported teams. The American Le Mans Series has always had a policy of not paying race purse money to racing teams supported by auto manufacturers. The series has also administered a special point fund for privateer teams. Since its inception in 1999, the ALMS has paid more than $5.6 million to privateers. In the eight events held during the 2001 season, privateer teams received nearly $800,000 in purse money, and more than $1 million was paid to 13 teams through the series' Privateer Point Fund at the end of the season. "We love the factory teams and welcome their participation," said Don Panoz, Founder of the American Le Mans Series. "But it is the privately-entered teams that are the backbone of the American Le Mans Series. The importance of their participation cannot be overstated, and it has been our stance since Day One of this series to make them feel welcome and reward their support financially. We plan to continue that in 2002 and beyond." A percentage of each race purse goes into the Privateer Point Fund as does any prize money not paid in an individual race, including money that would have been paid to factory teams. The fund is cumulative, and a formula and point system are used to determine the amount received by each eligible team at the end of the season. Teams that received awards from the Privateer Point Fund for the 2001 season include Prototype Technology Group (GT cars #6 and 10); Roock-KnightHawk Racing (LMP 675 car #11); Dick Barbour Racing (GT car #15); Alex Job Racing (GT cars #22 and 23) and Konrad Team Saleen (GTS car #26). Also receiving awards were Petersen Motorsports (GT car #30); Champion Racing (LMP 900 car #38); American Viperacing (GTS cars #44 and 45); Seikel Motorsport (GT car #52) and Kyser Racing (GT car #69). The 2002 American Le Mans Series season begins on March 16 with the 50th annual Mobil1 12 Hours at Sebring presented by Dodge, to be held at Sebring (Fla.) International Raceway. The series will hold 10 races in 2002.

-ALMS-

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