GM Bankruptcy Has Drivers, Team Owners, and Tracks Feeling the Sting

Joshua LobdellCorrespondent IJuly 15, 2009

BRISTOL, TN - MARCH 21: NASCAR legend Rusty Wallace (R) stands with his son, NASCAR Nationwide Series driver Steven (L), prior to the NASCAR Legends UARA Race at Bristol Motor Speedway on March 21, 2009 in Bristol, Tennessee.  (Photo by Geoff Burke/Getty Images for NASCAR)

As GM comes out of bankruptcy proceedings, it now has the option to cancel existing contracts. It is doing so to shrink itself into a small enough company to remain competitive.

Of course the NASCAR and motor sports world are feeling the brunt of these cutbacks.

In June, according to the Sporting News, all of the Sprint Cup Chevy teams were forced to renegotiate their deals with the manufacturer. On top of that, the Nationwide and Truck series teams were told their support had all but dried up.

Now comes another round of cancelled contracts that once again puts NASCAR drivers and the teams they own, operate, and work for will face similar cuts.

 

Among those affected

• Bowyer Dirt Motor Sports—GM has cancelled its personal services agreement with the team and it’s owner Clint Bowyer


• Auto Club Speedway (Fontana, California)—Suite Contract that include 70 tickets


• Lowe’s Motor Speedway (Charlotte, North Carolina)—Suite contract that included 66 tickets


• Daytona International Speedway—Suite Contract Suite Contract that included 77 tickets


• Dover International Speedway—Suite Contract that included 60 tickets


• RCR team No. 31 and driver Jeff Burton—Personal services agreement


• Richmond International Speedway—Suite Contract that included 60 tickets


• Rusty Wallace Inc.—Motor sports sponsorship agreement


• Ryan Newman Motor Sports—Sponsorship services agreement

 

Keep Reading