LYNN HAVEN- Call it a "done deal"! Lynn Haven based businessman James Finch has closed the sale of his Phoenix Racing Team, now based in Spartanburg, South Carolina.
Finch told NewsChannel 7's Scott Rossman by phone Wednesday the new buyer will make the official announcement Friday up in South Carolina.
Finch would not give us the sale price nor name the buyer, other than to say it's a group based in that state.
James says he's pleased his 20 employees can keep their jobs, and he adds he's agreed to stay on to manage the team for another 6 races, then turn the reigns over to the buyer's group for the Cup race in Chicago.
NewsChannel 7 asked Finch if selling the team and getting out of NASCAR is bittersweet and he said, "it's all sweet! If I were young enough I would do it all again. But it's time to get out, and it's not like I won't keep going to races, and keep up with friends in racing."
He says he may dabble in building a car or two for future races, but he's out as a full time team owner.
Finch has run Phoenix for the better part of two decades, mainly on the Busch/Nationwide circuit, but in more recent years, plenty of Cup races as well.
He won four times on the former circuit and one Cup race.