General World News

After margin call, EPM stopped paying Jesse Iwuji Motorsports sponsorship: lawsuit

Stock car racing team Jesse Iwuji Motorsports (JIM) this week filed a lawsuit against Atlanta-based mortgage lender Equity Prime Mortgage (EPM) for allegedly failing to make more than $4 million in sponsorship payments after the company received a margin call from its investors. 

JIM was founded in 2021 by NFL Hall of Fame running back Emmitt Smith and professional stock car racing driver Jesse Iwuji to compete in the Nascar Xfinity Series. 

In November 2021, the racing team entered into a contract with EPM. The lender agreed to pay $2.25 million ($187,500 per month) in the contract’s first year, starting in December details ⇒

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