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Financial Hard Times In NASCAR

An Opinion



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January 8, 2012

By Kim Roberson

Kim Roberson






















It is hard to believe we are just two weeks away from the start of testing at Daytona.

I often tell non-fans that NASCAR has the shortest off-season of any professional sport (except maybe golf, because I don’t believe they ever stop playing golf), but it seems like just last week we were watching the amazing finish at Homestead, and the awards banquet in Las Vegas.

Even with the short time between now and the start of racing, there are still changes going on in the sport, making the “Silly Season” even sillier than it already has been. Drivers that appeared to be homeless are finally finding homes (David Reutimann signing with Tommy Baldwin Racing and Aric Almirola filling the empty seat of the Petty No. 43).

However we are still losing teams that once seemed solid -- The Racing Group (TRG) Motorsports announcing earlier this week that they will not be fielding cars this season, and Rusty Wallace Incorporated (RWI) announcing just on Friday that they would be putting their two nationwide teams “on hiatus” until further notice.

Rusty Wallace has been a part of NASCAR for more than 30 years. It seems that he has been able to reinvent himself as a driver then as an owner and finally as a media broadcaster since his first race in 1980. However, even a former NASCAR Champion could not defeat the economy, as RWI was able to only find partial sponsorship for one of its cars -- the No. 62 driven by Michael Annett had Flying J Truck Stops on its hood, but the 5-Hour Energy sponsorship that had been with the No. 66 team of Steven Wallace for several years decided to pack up its bags and head to Michael Waltrip Racing (MWR) and the No. 15 Sprint Cup Series car of Clint Bowyer for 2012.

In a press release put out by RWI on Friday, Rusty Wallace noted "“This was a tough decision to make, but it was the prudent one from a number of perspectives. While we had several great partners -- such as Pilot Flying J -- on board for 2012, we just didn’t feel like we had enough sponsorship in place to accomplish all of our goals.”

“So, we collectively decided to take a break, regroup and focus on the future,” continued Wallace. “We’ll keep working hard on sponsorship programs for Steve (Wallace) and for future seasons. This also allows us to focus on the other aspects of our companies and our brand as well, whether it’s our car dealerships, new track design projects, licensing, personal services or even something new.”

"One of the hardest parts of this decision was knowing the impact it would have on our employees and their families. It's just the unfortunate reality that our sport is facing right now. We wish all of our employees the very best in the future."

This “hiatus” comes at a very tough time for those now without jobs. Not only is the economy still struggling, but so are many of the teams in NASCAR, from the Camping World Truck Series to the Sprint Cup Series. When a “Lifetime Sponsorship” such as DuPont actually fades to become only a part time sponsorship on a car driven by a four time Champion and Chase Contender, you know times are getting tough. Many teams have already done their hiring for the 2012 season, and finding room at the inn at this late date will be more than just a challenge for many of those just laid off by RWI.

I have heard there are as many as 500 unemployed former NASCAR wrench-turners in the greater Charlotte area due to the recent cut backs and shuttering of teams. That is a lot of men and women looking for work in a suddenly shrinking sport.

Wallace noted in the release "I promised myself and my family long ago that if the team wasn't funded to a level with which we were comfortable, we just wouldn't run it. I've worked way too hard to put part of my life savings into a race team."

In closing the shop down, it also puts Wallace’s own son, Steve, out on the street looking for a new ride. "We're working hard on an exciting 2012 program for Steve and hope to have an announcement on his plans soon," was what was noted in the release Friday.

It may be hard to find a team and sponsor willing to support the younger Wallace full time. The 23-year old, who has always had a passion for following in his fathers footsteps, seems to have ended up in almost as many wrecks as top 10 finishes, earning him the nickname of “Crash Wallace” from many NASCAR fans.

In 2011, Steve led only six laps, and finished in the top 10 only five times, although he did end up finishing the season 10th in points. He even was involved in one of the more “entertaining” encounters of the season, when Jerry Baxter, who works for MWR, decided to extract a little revenge for Wallace crashing his driver, Patrick Carpentier, in Montreal last season by reaching in the drivers’ window after the race and yanking on Wallace’s hair.

Picking up the pieces of a wrecked car week after week is an expensive venture, and one that may curb other team’s interest in the young man.

Will any more dominos fall between now and the start of the 2012 season? It is anyone’s guess, but I’m sure I’m not the only one who wouldn’t be shocked if a few more surprises pop up between now and the kickoff of Speedweeks in Daytona, just six weeks from now.

Follow Kim on Twitter: @ksrgatorfn




You can contact Kim at.. Insider Racing News
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The thoughts and ideas expressed by this writer or any other writer on Insider Racing News, are not necessarily the views of the staff and/or management of IRN.

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