The Steve Phelps press conference is underway. Quotes and key takeaways will be threaded here. A story will follow.

"I should have used the word alleged in our statement... After seeing the noose our initial reaction was to protect our driver. What we saw was a symbol of hate." -Phelps

"We were proud to see members of the media stand up for what was right."

Phelps says NASCAR is a family and that includes crew members, officials and the media.

Phelps reiterates that NASCAR checked every garage stall and this was the only one that had a pull rope fashioned as a noose.

11 of them were tied in a knot, and 1 was fashioned as a noose.

This rope was changed throughout the October weekend. Investigation didn't reveal who.

Specifically, of 1684 garage stalls in the industry sport, only 11 have pulled-down tie knots -- just one was fashioned as a noose.

"Anyone who suggest this was a hoax or manufactured, I find it personally offensive. I don't know how people personally feel that way and I'm not going to try. Of all the things, that's the most upsetting." -Phelps

Steve Phelps says he takes personal responsibility for the tone NASCAR took on Sunday night and Monday morning but he felt a competitor was threatened.

The photo released today was taken by NASCAR security.

"This is a driver who has been extremely courageous with his words and actions. Our responsibility is to investigate, and that’s exactly what we did." -Steve Phelps

Steve Phelps said NASCAR has had extensive conversations with the team (Wood Brothers Racing) that occupied the stall last year during the investigation to determine the who, when and why.

"We have no idea of the intention of why the noose was tied."

Steve Phelps says their reaction was in part influenced by the confederate protestors and the 'Defund NASCAR' flying banner flown over the weekend.

"Yeah, heightened emotions ... I think absolutely it was emotionally charged for a lot of people and I include myself in that."

Phelps was asked if it was a 'functioning noose' in the Talladega garage.

"I saw the picture and it looks like a noose. I'm no expert on nooses. I'm sure there's experts out there that can tell you if it functions (or) can't function."

Phelps has spoken to Bubba Wallace several times over the past few days.

"A couple times. It's hard. The twists and turns Tuesday was surprising for me, for Bubba, for entire industry. We pointed towards an alleged hate crime. For it to be coincidental, it's difficult."

"Bubba is a warrior. He's strong, he's resolute in what he thinks is right. I just find it incredibly disturbing that there are those out there that feel the need to spread hate and falsehoods."

Steve Phelps asked if someone could have seen the noose before it was reported on Sunday.

"Odds are someone saw it and didn't react negatively ... We need to do better as an industry ... our industry needs to go through sensitivity and bias-conscious training."

Steve Phelps asked if NASCAR should have used the words "heinous act" in its initial statement.

"If we had said 'alleged', yes. I'll go back to the emotion of the moment: I take responsibility for that. Should we have toned that message down? Maybe we should have."