Word: motores
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Dates: during 2000-2009
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...just might take a sideshow to draw wallet-wary fans to the track. The economic downturn is threatening to decimate high-cost motor sports. For example Formula One, the world's most popular auto-racing circuit, is facing its biggest crisis in 40 years, according to Max Mosley, president of the sport's governing body. He compares F1's status to the global housing and credit bubbles. And since Honda, which had spent about $300 million annually on Formula One, decided to pull out of the sport altogether, F1 has blown a tire. (See pictures of car art by Warhol...
...lagged. In early February 2008, Daytona seats were sold out. This season, plenty of seats were still available. International Speedway, which owns 12 Sprint Cup tracks, including the Daytona International Speedway, recently announced that advance sales for all its tracks were down 17%. Eddie Gossage, president of the Texas Motor Speedway, a Speedway Motorsports track that hosts two Sprint Cup races, laments that funding for corporate hospitality tents has dropped. "All of the executives are scared to death of being used by a grandstanding Congressman or newspaper columnists who say, 'Look at the excess,' " he says...
...NASCAR position itself to motor through the downturn? The sport has to start with its costs, which exploded during NASCAR's stunning growth spurt earlier this decade. "The old adage was, If you need $1 million in expenses, go get $1 million in sponsorship," says Mike Dee, president of Fenway Sports Group, which owns 50% of the Roush Fenway Racing team. "The railroad doesn't run that...
...motivation is a very Asian perception of corporate responsibility. "For each (employee), I believe, the workplace exists not only for earning a living, but also for making friends, growing up and making a contribution to the society," Akio Toyoda said after being named the new president of Toyota Motor in late January. "I'm aware that stabilizing and maintaining employment is an extremely important task of a company." (See pictures of the global financial crisis here...
...provisions might protect U.S. jobs in the short term, but the E.U. says they would hobble global trade, a key motor for the world economy. John Bruton, the E.U. ambassador in Washington, has described the measures as "setting a dangerous precedent, and "neither the right or effective response to the situation." German Chancellor Angela Merkel has said that "past world economic crises showed protectionism would be the completely wrong answer...