CHARLOTTE, N.C. -- Ray Evernham has settled his lawsuit against George Gillett over money owed from the 2007 sale of his Sprint Cup organization.
Evernham, the former owner of Evernham Motorsports and a three-time Cup champion as the crew chief for Jeff Gordon at Hendrick Motorsports, was seeking $19 million from Gillett.
The case was settled outside of court and dismissed last week. No details of the settlement were released.
"I did everything required to honor every element of our agreement, and in return felt I was owed the money agreed to in the transaction terms," Evernham said in a statement. "While the suit never made it to court, I did agree to settle my claim for pennies on the dollar for various business reasons."
Evernham called the settlement a "moral victory" for him.
"Now I can close the book on this lawsuit, put this behind me and close out this chapter of my career," he said. "We have a lot of great opportunities and initiatives ahead in 2012, and I'm ready to focus my attention on moving forward with them, not in carrying these negative things into the new year."
Evernham last year was retained to consult for Hendrick Companies, a management company founded in 2005 to oversee the strategic initiatives for Rick Hendrick, one of the largest automobile dealers in the country.
Evernham also has various other business ventures as a part of his company, Ray Evernham Enterprises. He has not ruled out a return to television. He worked with SPEED TV last year and previously was an analyst for ESPN's NASCAR coverage.
David Newton covers NASCAR for ESPN.com. He can be reached at email@example.com