Word: nascar
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...industry analysts Formula Money - a sum typical of big teams but two to three times the outlay of independent teams such as Fisichella's Force India. In such a high-tech sport, those with the deepest pockets tend to end up on top. (Read "How to Win a NASCAR Race...
Less than two weeks ago, as Bank of America execs were entertaining clients and employees over the roar of their namesake 500 mile NASCAR race at the Lowes Motor Speedway just outside Charlotte, the city's other hometown bank, Wachovia, was coming to terms with its own mortality...
...Meanwhile, even as the city builds a new NASCAR Hall of Fame - part of the 3.2 million square feet of new office space under construction uptown - the locally clustered motorsports industry it celebrates is feeling the pain of shrinking sponsorship dollars in the current economy. With close to 18,000 workers in the Charlotte area, motorsports have become a significant employer in the region. But gas prices (despite the recent declines, at one point last week they were the highest in the country) and home economics are driving down attendance at the tracks . "It's a scary time right...
That includes two-time champion driver Tony Stewart, who picked next season (with unfortunate Wachovia-like timing) to strike out with his own NASCAR team. Stewart is finding slim pickings for sponsorship deals that can run from $15 million to more than $20 million a season. He's had to cover his car with two lead sponsors, when he couldn't find one willing to shell out enough money, and has yet to fully fund his second car piloted by former champion Ryan Newman...
...slowdown isn't limited to the big three sports. NASCAR has been mired in a slump all season. Attendance is down, and a recent race at Talladega Superspeedway drew 50,000 fewer fans than the same event a year ago. The NCAA is cutting travel costs to combat the economic downturn. The organization will reimburse schools for only two bags of luggage per traveler, which will produce an expected savings of $1.5 million per year. Golf agents have reported a rough endorsement market for players, as the financial-services companies that have supported the sport got hit hardest by this...