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NASCAR downsizes with layoffs

DAYTONA BEACH, FL – FEBRUARY 17: A detail of the ‘ Monster Energy NASCAR Cup Series’ logo during practice for the Monster Energy NASCAR Cup Series Advance Auto Parts Clash on February 17, 2017 at Daytona International Speedway in Daytona Beach, Florida. (Photo by Jonathan Ferrey/Getty Images)

By AMANDA VINCENT

NASCAR laid off some of its personnel Friday as part of a downsizing effort. The racing sanctioning body declined to give specific details on who was laid off, but reports claim layoffs were executed throughout the company.

“As all good businesses do, NASCAR is committed to strengthening its operation to ensure that resources are aligned to strategies that grow the sport and drive our business,” a statement from NASCAR read. “We have a talented team at NASCAR and we’re confident that greater focus on the opportunities to drive fan interest and strong industry partnerships will help our sport achieve long-term growth.”

According to a Motorsport.com report fewer than five percent of NASCAR’s workforce, translating to 50-100 employees, lost their jobs.

NASCAR race attendance and race TV viewership have been down in recent years and the sanctioning body will lose title sponsorship of its top series at the end of the 2019 race season. Monster Energy has been title sponsor of the series since 2017.

Last year, reports surfaced of the France family exploring a sale of the stock-car racing sanctioning body founded by Bill France Sr. in the late 1940s. The family disputed a total sale but acknowledge sale of a minority stake was possible. Meanwhile, NASCAR acquired the ARCA Racing Series and, in November, announced an offer to purchase outstanding shares of International Speedway Corporation, the parent company of several tracks that host NASCAR’s top series. The France family also owns a majority of ISC.

The sanctioning body also has undergone personnel changes among its top executives over the past year. After Brian France was arrested for driving under the influence and drug possession in New York last August, he was replaced as NASCAR Chairman and CEO by his uncle, Jim France. Also, Steve Phelps replaced Brent Dewar as NASCAR President in 2018 after Dewar held the position just over a year.

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Posted by on January 12, 2019. Filed under Breaking News,Featured,NASCAR. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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