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22 Nov 2003, 02:29 (Ref:791183)
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#1 | ||
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Veteran
Join Date: Sep 2002
Posts: 625
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Penske on Wind Tunnel
Roger Penske was on Wind Tunnel last night. Dave asked him what he thought happened to cause the downfall of CART. This isn’t a direct quote but he basically said that it happened because CART went public. That left the series trying to satisfy the interests of teams, owners, sponsors, and stock holders. Some of his other comments were actually favorable with regard to CART. We have beaten this topic to death around here, but I thought his comments were interesting considering that they came from him.
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"The pedal doesn't care what your nationality is" Paul Gentilozzi |
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22 Nov 2003, 03:14 (Ref:791191)
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#2 | ||
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Veteran
Join Date: Jun 2001
Posts: 8,125
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He's only speaking the obvious.
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Don't make a fuss, just get on the bus! |
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22 Nov 2003, 08:42 (Ref:791281)
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#3 | ||
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Veteran
Join Date: Jul 2001
Posts: 7,294
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Flogging a dead horse, but Roger is correct.
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Sunderland Til I Die! |
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22 Nov 2003, 17:30 (Ref:791536)
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#4 | ||
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Racer
Join Date: Aug 2003
Posts: 169
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TG said he'd never go public because he wouldn't have a bunch of stockholders dictating how he ran his business. You can't have a long-term plan with them demanding instant gratification every quarter.
I've been "down-sized" because of a bad year, so I know what he's talking about. |
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22 Nov 2003, 18:58 (Ref:791582)
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#5 | ||
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Veteran
Join Date: Feb 2003
Posts: 996
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That may be the first time I've ever agreed with TG...
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22 Nov 2003, 19:52 (Ref:791602)
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#6 | ||
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Racer
Join Date: Sep 2001
Posts: 199
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Going public is not the reason CART has failed, it is only a good scapegoat. There are many great public companies that achieve success for shareholders and for the business. If they hadn't gone public don't you think they still would have tried to satisfy the interests of teams, owners, sponsors, and the owners. They all new what they were getting into when this happened.
Shareholders usually only start to grumble when companies are poorly ran and have no direction, of course this results in lack of profitability as well. If a private company has a lack of profitability the private shareholders are not happy either. CART has failed in every turn when it comes to leadership and business accumen. Being public has really nothing to do with their problems. When they go back to being private if they do not have the leadership etc they will be in the same predicament. I can also assure you that right now the proposed partnership group is trying to figure out how to satisfy the interests of teams, owners, sponsors, fans and of course themselves the owners. You see nothing is really different. |
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22 Nov 2003, 20:56 (Ref:791637)
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#7 | ||
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Veteran
Join Date: Dec 2002
Posts: 803
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Thank you sgjb for introducing a bit of reality.......spoilsport!
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"A gentelman is guilty of every crime that does not require courage" Oscar Wilde. |
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23 Nov 2003, 02:33 (Ref:791797)
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#8 | ||
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Veteran
Join Date: Feb 1999
Posts: 12,451
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Thank you for your insight Mr. Penske. Now go back to the IRL and leave us alone.
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"If we won all the time, we'd be as unpopular as Ferrari, and we want to avoid that. We enjoy being a team that everybody likes." Flavio Briatore |
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23 Nov 2003, 04:39 (Ref:791861)
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#9 | ||
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Racer
Join Date: Sep 2001
Posts: 199
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Does anybody know how much money Penske made off Cart going public?
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25 Nov 2003, 20:19 (Ref:794396)
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#10 | ||
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Rookie
Join Date: Nov 2003
Posts: 16
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Penske was solidly against CART going public when they were discussing the possibility. He fought to not let that happen, because he saw that CART would be hurt from it. He backed CART for as long as he could. I don't think he made any money on CART going public. He did make money when he finally sold his CART stock, but that was the final gasp. I think it's very classy of him to still not bash CART. He is a very wise businessman.
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25 Nov 2003, 23:54 (Ref:794522)
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#11 | ||
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Veteran
Join Date: Sep 2002
Posts: 625
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Welcome to the forum CART_4ever. Excellent name by the way.
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__________________
"The pedal doesn't care what your nationality is" Paul Gentilozzi |
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26 Nov 2003, 12:32 (Ref:794976)
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#12 | ||
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Rookie
Join Date: Nov 2003
Posts: 16
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Thanks, Tailwind. I hope it's true!
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