Entertainment Music Country Big Machine Label CEO Scott Borchetta in 'Stable Condition' After Taking 'Big Hit' During Racecar Accident Borchetta was taken to the hospital after racing in the Trans Am Series in Georgia on Sunday By Ingrid Vasquez Ingrid Vasquez Twitter Ingrid Vasquez is a Digital News Writer at PEOPLE. She graduated from The University of Texas at Austin with a Bachelor in Journalism. Before joining the team, she worked as an Editor at FanSided and provided work in the celebrity and lifestyle space for brands that include Teen Vogue, Cosmopolitan, EW, and more. People Editorial Guidelines and Sarah Michaud Sarah Michaud Instagram Sarah Michaud is the senior news editor of PEOPLE's music vertical. They have been working at PEOPLE for 15 years. People Editorial Guidelines Published on March 27, 2023 08:05 PM Share Tweet Pin Email Scott Borchetta. Photo: Mike Tran/getty Scott Borchetta remains "in stable condition" after crashing during Sunday's Trans AM2 Series in Georgia. The music executive's accident occurred after his No. 48 race car went off course during the 24th lap of Sunday's event, explained the motorsport site tobychristie.com, during a high-breaking turn on the track. "I can tell you [Scott] is OK. He is conscious, and he's been talking to his team, but he is on his way to the hospital," commentators announced after the incident, per tobychristie.com. "It was a big hit, but I am glad to say he is now in good care and being taken to the hospital. That's the latest." Scott Borchetta Calls Taylor Swift 'Brilliant' Amid Record Label Feud: 'I'm Always Going to Root for Her' Borchetta's label, Big Machine Records, confirmed the news of the incident on Monday, writing that Borchetta "was taken to the hospital to assess his injuries and is currently in stable condition." "We ask everyone to please respect the Borchetta family's privacy during this time," the statement adds. Borchetta began his racing career at Nashville Fairgrounds Speedway in the 1990s, becoming a three-time NASCAR super trucks champion, The Tennessean explains. After founding Big Machine Label Group in 2005, Borchetta expanded into racing by creating Big Machine Racing in 2021. 5 Things to Know About American Idol Mentor Scott Borchetta "Scott is a passionate and talented competitor, and his dedication to Trans Am is evidenced by his participation as a team owner, driver, and partner," expressed Trans Am President John Clagett and PMH CEO Tony Parella in a statement shared on the organizations' site on Monday."The safety of our drivers, teams, and at-track personnel is our number one priority. We are deeply thankful to the safety and medical crews at the racetrack, as well as those at the local hospital who have provided excellent care." Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. Borchetta is credited for signing Taylor Swift when she was just 14 years old, and has helped foster the careers of Tim McGraw, Rascal Flatts, Florida Georgia Line and many more successful acts.