Suspended NASCAR driver Kyle Larson will make his return to racing in World of Outlaws

first_imgLarson, who also was suspended indefinitely by iRacing for his use of the racial slur, apologized for his use of the word in a video he tweeted the next day.”Kyle is an important and visible stakeholder in the World of Outlaws community as both a driver and team owner,” the World of Outlaws said in a statement on April 14. “Kyle has admitted to making a mistake and it is our expectation that he will make every effort to represent the sport in a professional manner moving forward. Provided that Kyle completes the designated training in the allotted time, he will remain eligible to compete in all World of Outlaws sanctioned events.”The virtual race in which Larson uttered the N-word was not an official NASCAR iRacing event, which have been replacing the live NASCAR Cup Series races that have been postponed due to the coronavirus pandemic. MORE: Bubba Wallace responds to Larson’s use of racial slurLarson remains indefinitely suspended by NASCAR, but a World of Outlaws spokesman told NBC Sports that Larson had completed the sensitivity training required for his return to dirt racing.As for Larson’s return to stock car racing, NASCAR told Racer Magazine’s Kelly Crandall it “will not have anything to communicate until we announce his reinstatement at a later date.”Friday night’s sprint car race will broadcast live on DIRTVision, but spectators will not be allowed at Knoxville Raceway.  Almost a month after Kyle Larson’s use of the N-word during an iRacing event cost him his NASCAR Cup Series ride with Chip Ganassi Racing and his primary sponsors, ​the 27-year-old driver will return to racing Friday.According to NBC Sports, Larson will race the No. 57 sprint car he owns when the World of Outlaws NOS Energy Drink Sprint Car Series returns May 8 at Knoxville Raceway in Knoxville, Iowa. Retired NASCAR driver Kasey Kahne will also race at Knoxville for the sprint car team he owns.last_img read more

Subprime lender files Chapter 11

first_imgCorporate officials said New Century had agreed to sell its loan-servicing business to Carrington Capital Management LLC and its affiliate for about $139 million, subject to the approval of the bankruptcy court. CIT Group and Greenwich Capital Financial Products Inc. have agreed to provide up to $150 million in working capital to facilitate the reorganization process, officials said. New Century has also agreed to sell some loans and residual interest in some trusts to Greenwich Capital for $50 million. New Century, based in Irvine, filed for Chapter 11 protection in U.S. Bankruptcy Court for the District of Delaware. The move had been expected for several weeks.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! The company made the move after exploring a variety of possible ways to stay in business, he said. New Century was the latest subprime lender to fall on hard times amid a spike in mortgage defaults caused by borrowers unable to make payments. More than two dozen subprime lenders have shut down in recent months, and others are scrambling to stay in business. Subprime loans target borrowers with low credit scores. The mortgages carry relatively high interest rates but can also offer low initial payments. “New Century’s failure raises the very real risk that the problems facing the subprime sector will spread into the broader mortgage market,” said Octavio Marenzi, CEO of Celent, a Boston-based financial research and consulting firm. “Relatively lax lending standards were by no means limited to subprime lenders, and problems could easily spread to the broader banking sector,” he said. New Century Financial Corp., once the nation’s second-largest provider of home loans to high-risk borrowers, filed for bankruptcy protection Monday, the victim of its own financial missteps as well as pressures felt by its rival lenders. New Century immediately fired 3,200 workers – more than half its work force – and said it intends to sell off its major assets. “The Chapter 11 process provides the best means for selling our servicing and loan-origination operations to financially sound parties,” Brad A. Morrice, president and chief executive, said in a written statement. “It is our hope that potential buyers will be in a stronger position than we are to employ many of our associates on an ongoing basis,” he said. last_img read more