NASCAR Lays Off At Least 50 Employees

  • Source: The Lead
  • by:
The NASCAR Company decided to come into the New Year with a serious gust of change, recently downsizing the company during a round of layoffs that left 50-100 employees without a job. The round of cuts appears to be companywide, affecting personnel throughout all departments of NASCAR’s chain of commands.
 

“As all good businesses do, NASCAR is committed to strengthening its operation to ensure that resources are aligned to strategies that grow the sport and drive our business,” a statement from NASCAR read. "We have a talented team at NASCAR and we’re confident that greater focus on the opportunities to drive fan interest and strong industry partnerships will help our sport achieve long-term growth.”

NASCAR refused to name any specific individuals related to the rough rounds of cuts, but it is estimated 5% of the company’s employees received a pink slip. Early reports believe the cuts reached several departments, but NASCAR did not specificy which offices/departments were affected.

As of recent, the NASCAR organization’s competition and business operations have come into question by some high ranking company officials.
 

“A little less than 5 percent of our total workforce was laid off today across our entire company,” a NASCAR official said. “We’re looking to take our remaining resources and focusing them on initiatives we already have in place that require dollars and that will help us grow.”

Headquarters for NASCAR is based in Daytona Beach, Florida, but they have offices in Charlotte North Carolina, where around 300 people are employed. The organization also has offices in Los Angeles and New York City.

The NASCAR organization ratings pertaining to TV viewership, race attendance, and social media relevance has plummeted in recent years. Bleeding losses coming from all angles, as of recent, NASCAR will lose Monster Energy as an official sponsor after the 2019 season, a serious blow to the company.

NASCAR has hit a rough patch internally to say the least, experiencing multiple personnel changes in critical positions. For example, Brian France was replaced by his uncle Jim France as CEO after being arrested for a DUI and drug possession. Also, Steve Phelps replaced Brent Dewar as NASCAR president, he was there for less than a year.
 

This decision to make these hefty cuts comes amidst a proposed bid to purchase the International Speedway Corporation (ISC), who currently owns and manages 13 tracks/racing venues that have hosted NASCAR races, including Cup Series events in the past. The bid offered by NASCAR is rumored to be around 1.9 Billion dollars.

The France family owns NASCAR and controlling interest in ISC. NASCAR claimed the offer was made with pure intentions to merge ISC into NASCAR. In 2018, NASCAR acquired the ARCA Racing Series as well.