Word: nascars
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Dates: during 2000-2009
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...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...
...NASCAR has already aggressively trimmed expenses. Like many companies, teams have turned to layoffs: 600 to 800 workers from Sprint Cup teams have been let go since the end of last season. "It has served to cull the flock," says Steve Kalik, a team manager for Specialty Racing in NASCAR's second-tier Nationwide series. NASCAR also banned testing prior to Daytona and during the season, essentially R&D time for the cars at its sanctioned tracks for the 2009 season. France estimates the ban will save teams $30 million. (See pictures of custom big rigs...
...NASCAR's popularity exploded, in part, because it's one of the more fan-friendly major sports in the country. The drivers are often remarkably accessible, even signing autographs for fans on race days. NASCAR may need to get even cozier with them. As NASCAR raced to the top of the American sporting scene, it might have taken its base a bit for granted. "We need to engage the fans with more passion," says driver Jeff Burton, a 17-year Sprint Cup veteran. "We need to be creative, to come up with better ideas." One thought officials are kicking around...
Even in the face of unprecedented challenges, NASCAR has plenty of horsepower. The sport is three years into an eight-year, $4.5 billion television deal with Fox, ESPN/ABC and TNT. The steady TV revenue can help cushion sponsorship losses. NASCAR is still the second highest rated regular-season sport on television. Plus, the sport has even signed up some new partners, like Ask.com and O'Reilly Auto Parts. Companies such as Mars Inc. and DuPont renewed their deals. And still others want to get into the game. During the recent NASCAR media tour, France noted that 15 new teams...
...Still, NASCAR can't afford to idle its engines when consumer spending is so dismal. "What we have to do is make sure the passionate fan becomes more passionate," says Burton. "We have to make sure the casual fan becomes the passionate fan." There's just one crucial thing Burton and NASCAR can't do for their fans. They can't drop more cash in their pockets...