What is Bobby Rahal's net worth?
Bobby Rahal is an American auto racing driver who has a net worth of $80 million. Bobby Rahal won three national championships and 24 races in the CART Indy Car Series, including the 1986 Indianapolis 500. After retiring as a driver, he briefly held a managerial role with the Jaguar Formula One team. In 1992, while still actively racing, Rahal became a team owner, partnering to form Rahal-Hogan Racing. This marked the beginning of his successful career as a team principal. The team evolved into Team Rahal and later Rahal Letterman Racing (now Rahal Letterman Lanigan Racing) when late-night television host David Letterman became a minority owner.
As a team owner, Rahal has continued to achieve significant success. His team won the 2004 Indianapolis 500 with driver Buddy Rice and has remained competitive in IndyCar racing. The team has also expanded into other racing series, including sports car racing in the IMSA WeatherTech SportsCar Championship.
Rahal's influence extends beyond his own accomplishments. His son Graham Rahal has followed in his footsteps as an IndyCar driver, making them one of racing's most notable father-son combinations. Bobby has also served in leadership roles in motorsport, including a stint as interim CEO of Jaguar's Formula One team in 2000. His contributions to motorsport have earned him numerous honors. He was inducted into the International Motorsports Hall of Fame, the Motorsports Hall of Fame of America, and the Auto Racing Hall of Fame. Rahal is also known for his philanthropic work, particularly through the Bobby Rahal Foundation.
Early Life and Education
Bobby Rahal was born on January 10, 1953 in Medina, Ohio to Barbara and Michael. He is of English descent through his mother and of Lebanese ancestry through his father. Raised in Glen Ellyn, Illinois, Rahal attended Glenbard West High School, graduating in 1971. He went on to attend Denison University in Granville, Ohio.
Beginning of Racing Career
Rahal started his racing career in SCCA feeder categories in the early 1970s. Later in the decade, in 1978, he competed in the New Zealand Grand Prix with Fred Opert Racing and in European Formula Three with Wolf Racing. Rahal subsequently had his first Formula One race, competing with the Wolf Formula One team in the 1978 United States Grand Prix. He also competed with Wolf in the 1978 Canadian Grand Prix. Rahal moved to European Formula Two to start the 1979 season, but soon returned to the US to compete in the Can-Am series. Over the subsequent few seasons, he raced in a number of sports car events, including the 24 Hours of Le Mans and the IMSA GT Championship. Rahal also won the 24 Hours of Daytona in 1981.
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CART Indy Car Series
In 1982, with the Truesports team, Rahal entered the CART Indy Car Series. He ended up winning two races that season and finishing second behind Rick Mears for the national championship title. Rahal had his greatest seasons with Truesports in 1986 and 1987. In the former year, he won the Indianapolis 500 in dramatic fashion and finished the season with his first CART national championship. Rahal won a second consecutive CART national championship in 1987, a year that also saw him win the 12 Hours of Sebring. In 1988, Rahal won the last-ever race for Truesports, the Pocono 500. During his CART career, he also won sports car races in IMSA and IROC, and competed in one NASCAR race, the 1984 Winston Western 500 in Riverside, California.
In the early 1990s, Rahal, with Carl Hogan, acquired the assets to the former Patrick Racing team, with Rahal becoming an owner-driver in the process. Renamed Rahal/Hogan Racing, the team debuted to immediate success in 1992, winning four races and earning Rahal his third and final CART national championship. In 1995, Rahal reached a milestone when he started his 200th career race. The following year, his team was renamed Team Rahal. He continued racing until 1998, with his last race being the Marlboro 500 at California Speedway. Rahal remained a team owner, and in 2004 his team was renamed Rahal Letterman Racing, after co-owner David Letterman. The team went on to win that season's Indianapolis 500. As Rahal Letterman Lanigan Racing, the team won the Indianapolis 500 again in 2020.
Other Activities
In 2000, Rahal joined the Jaguar Formula One team in a managerial role. However, he was eventually fired after he reportedly tried to sell driver Eddie Irvine to rival team Jordan. Also in 2000, Rahal served as the interim president and CEO of CART for six months. Later, he started the Bobby Rahal Automotive Group, a network of car dealerships in Pennsylvania.
In 2021, with the aid of former Indianapolis Motor Speedway owner Tony George, Rahal entered the world of race promotion. Seeking to return the Iowa Speedway to IndyCar, he secured sponsorship from the Iowa-based supermarket chain Hy-Vee and got a multiyear agreement for IndyCar to run a double header at Iowa Speedway starting in 2022.
Real Estate
In 2014, Bobby paid $3.99 million for a 7,000-square-foot mansion in Chicago's Lincoln Park neighborhood. He first listed the home for sale in 2018 for $5 million. He sold this home in September 2021 for $3.9 million, taking a small loss.
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