by AP
http://msn.foxsports.com/nascar/story/9119936/NASCAR-works-with-teams-to-improve-business-models
This article found on Fox Sports elaborates on the continuing struggles of NASCAR amidst the economic crisis. Brian France, NASCAR chairman, ordered a companywide hiring freeze to adjust to the ailing economy. Although many teams went through offseason layoffs, NASCAR itself has been immune to staff reductions so far. France has also directed his management group to work with NASCAR teams in developing new business models that can help them withstand the current economic crisis. NASCAR, a sport heavily dependent on corporate sponsorship, is increasing its involvement in helping teams locate and secure partners at a time when funding can be difficult to find.
Sponsorship woes have dramatically altered the landscape of NASCAR's top three series during the offseason, as multiple teams have had to merger with others in order to secure their future.
In this sport, heavily dependent on sponsorship, this is just the beginning of many whirlwinds and downfalls that are forthcoming. As many teams struggle to maintain a year long sponsorship they are forced to run partial schedules. Because of Detroit's Big Three automakers credit crisis battle and fluctuating gas prices, NASCAR will never be a stable industry, as it once was. The auto sports industry is too susceptible to economic downturns and won't see improvements for a while.
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