Two of those teams have investors that supercharged their operations. Jack Roush sold half of his team in 2007 to Henry, the Boston Red Sox owner, for $50 million. In 2003, Childress sold a minority share to Chartwell Investments, a private-equity firm that remains a partner.

Petty Enterprises tried to go in that direction last June when it sold the race team and the Richard Petty Driving Experience to a private equity, Boston Ventures, for $40 million to $50 million. But without enough sponsorship, Boston Ventures burned through cash to keep the team afloat until it sold the #43 and the Petty intellectual property to Gillett Evernham Motorsports.

“Boston Ventures came in at a very unfortunate time, just before the recession,” said Bill Reid, a partner at Chartwell Investments. “Anyone looking to invest has to understand that timing is critical. Our confidence in the sport is not shaken, but I'm sure what's happened is going to scare people.”

“We haven't seen nearly as many private equities exploring acquisitions as we did in the past,” Newmark said.

One person who isn't scared is Mike Held, a 20-year veteran of the sport who has been a team co-owner in the past and currently runs Co-Pilott, a California-based motorsports marketing agency representing brands such as Menard's and Sony.

He teamed with business partner Marty Gaunt to buy Bill Davis Racing, a single-car Toyota team, two days before Christmas, although they have not committed to run a car in 2009 until they secure sponsorship.

“Most of the people who know me say I'm crazy or I'm a genius, but they aren't sure which,” Held said with a laugh.

He's certainly driving against rush-hour traffic at a time economically when many owners are looking to get out or reduce their role. But the way he sees it, the next generation of owners have to come from somewhere.

Hendrick is the youngest of the top four owners at 59, while Childress is 63, Roush 66 and Gibbs 68. None of them appear to be planning their exit, but as Held says: “These guys have to pass the baton, and who's going to be there to take it?”

by Michael Smith/Sporting News

Michael Smith is a reporter with SportsBusiness Journal