What Is Matt Kenseth’s Net Worth?
Matt Kenseth is a former American stock car racing driver who has a net worth of $60 million. Matt Kenseth is best known for being the current competition advisor for the NASCAR Cup Series and holding the most Slinger Nationals victories as an active competitor for the Slinger Speedway in Wisconsin. He’s known for winning several prestigious racing awards, such as NASCAR’s Rookie of the Year in 2000, the Winston Cup Championship in 2004, and the series championship in the International Race of Champions 2004 season. In 2023, Kenseth joined the Legacy Motor Club as a competition advisor.
Early Life
Matthew Roy Kenseth was born on March 10th, 1972, in Cambridge, Wisconsin, the son of Roy and Nicola Kenseth. His father trained him in the sport of racing, striking an agreement with his young son that he would buy cars and Kenseth would work on them until he was old enough to drive. Kenseth began serious stock car racing in 1998 at the age of 16, where he debuted at the Madison National Speedway. His first car – a 1981 Camaro, which racer Todd Kropf previously drove in championships – won Kenseth a feature race in his third outing. His father later recalled, “Matt was smooth. I knew then he was going to be a racer.”
Kenseth graduated from Cambridge High School and worked at Left-hander Chassis, a racecar manufacturer, while he raced on the side. In 1990, he bought a car from racer Richard Bickle and won the season opener at the Super Slinger Speedway in Slinger, Wisconsin. This win earned him the Rookie of the Year title. That same year, he entered 15 ARTGO events and became the youngest winner in ARTGO history.
Career Beginnings
In 1992, Matt Kenseth considered quitting racing after a less-than-admirable season due to only three successful wins and multiple engine failures on the track. However, Kipley Performance loaned him an engine for the season finale, which significantly improved his performance, thus convincing him to stick with the sport. In 1993, he built his own car with a Kipley engine, which scored him eight winning features at Madison, where he also won second in overall points. During 1994 and 1995, Kenseth grew his popularity by winning against popular nationally-known racers such as Robbie Reiser and Dick Trickle. In 1994, he won track championships at the Wisconsin International Raceway and the Madison International Speedway, as well as scoring the Slingers Nationals title.
Kenseth moved from Wisconsin to the southern United States in 1996 to participate in the Hooters Late Model Series, specifically for engine builder Carl Wegner. Kenseth nearly won the championship as a rookie but ultimately placed third. In 1997, he made his Busch Series debut at the Lowe’s Motor Speedway in Concord, North Carolina. Still, he was heavily frustrated by the lack of sponsorships, comparing the season to his 1992 season when he nearly quit racing. Kenseth’s partnership with Wegner dissolved by the end of the year.
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Professional Breakthrough
In 1997, professional driver Tim Bender suffered a career-ending injury, prompting crew chief Robbie Reiser to call and offer to hire Matt Kenseth to fill his place. In 1998, Kenseth made his first attempt at racing in the Winston Cup Series, but his car lacked a competitive engine and was therefore disqualified from the race. A second attempt at the Winston Cup Series followed in 1998, and Kenseth placed sixth, making his debut the third-best of any driver in the series.
Kenseth was sponsored by DeWalt in 2000 and claimed the Raybestos Rookie of the Year title the same year. He competed in several competitions, scored a handful of victories, and eventually won the NASCAR Winston Cup title on November 9th, 2003. He won the International Race of Champions championship and the NASCAR All-Star race the following year. His 2008 season was winless, but he won the Daytona 500 in 2009. In the Nationwide Series of the same year, Kenseth was involved in a severe crash that involved his car flipping 3.5 times, sliding on its roof, flipping a final time, and bursting into flames. Kenseth walked away with no injuries. His second Daytona 500 win followed in 2012.
Kenseth’s last stint in racing came at the International Race of Champions, where he was called in to replace racer Kyle Larson in the No. 42 Chevrolet for Chip Ganassi Racing due to Larson’s disqualification for using a racial slur. Kenseth’s final victory occurred at the Phoenix finale, where he finished 28th in the overall standings. In a 2020 interview, Kenseth stated that he was almost 100 percent certain that he would not return to NASCAR racing and instead planned to spend his time focusing on late-model cars.
In 2022, it was announced that Kenseth would be inducted into the NASCAR Hall of Fame Class of 2023, but due to scheduling conflicts, he ended up being inducted into the Class of 2024 instead. In 2023, it was announced that Kenseth would become the team’s competition advisor for the Legacy Motor Club, providing guidance and strategy and mentoring drivers.
Controversy
Matt Kenseth’s championship win in 2003 sparked a controversy that ultimately contributed to NASCAR introducing a new points system in 2004. There had been heavy criticism of the former system that allowed Kenseth’s win. Multiple critics and fellow drivers pointed out that it was unfair for a racer to be able to win the championship if they had only won one victory in 36 races. NASCAR unveiled a new points system in response, entitled “The Chase for the Nextel Cup,” which has been informally referred to as the “Matt Kenseth Rule.” NASCAR denies that Kenseth was the reason for the change. However, officials agree that the controversy brought much-needed attention to the issue.
Personal Life
In 2000, Matt Kenseth married Katie Martin, who hailed from his hometown of Cambridge. The couple has four daughters—Kaylin, Grace, Clara, and Mallory—and Kenseth has a son named Ross from a previous relationship. Ross has followed in his father’s footsteps and made his ARCA debut at Michigan International Speedway in 2015.
In 2004, Kenseth established a fan museum for himself in Cambridge. It was later relocated to a downtown storefront and closed in 2017.
In 2023, Kenseth was inducted into the NASCAR Hall of Fame by his wife and father.
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