NASCAR and the economy
The recession’s impact on stock car racing was noticed shortly after the 2008 season began, when attendance dropped off because race fans didn’t have the money for tickets and / or travel and lodging expenses.
Now it’s the corporate sponsors who have to cut back their funding. And for NASCAR, where race drivers or driving teams get sizeable amounts of their budgets from the corporate sponsors, it’s a frustrating time in the sports business.
In southeast Michigan, we not only have Detroit’s Big Three automotive companies involved in the business … we also have the NASCAR circuit running locally at Michigan International Speedway.
With today being the Daytona 500 race, which is the official start of the NASCAR season, here are some headlines and blog posts to ponder about racing team layoffs, expense cuts and fans in the seats:
- Time Magazine: Daytona Drag – NASCAR tries to outrace the recession.
- New York Times: Economy catches up to NASCAR’s big names.
- NASCAR.com: How’s the economy doing? The race cars tell the story.
- NASCAR Insiders: Recession Proof? We’ll see.
- SportsBiz: NASCAR and the recession- Is this the beginning of the end for racing?
By the way, my husband is a HUGE racing fan and probably his favorite thing about living in Michigan is being so close to Michigan International Speedway.
But we can afford to do a family outing to the race track only once a year. We do it as a day trip with friends, eat breakfast at home, and pack enough food for tailgate lunch and tailgate dinner. And our tailgate party equipment (flags, tent, radios, appropriate attire, etc.) has been built up piece by piece over the years or does double-duty for other purposes.
Posted: February 15th, 2009 under Financial crisis / recession, Hobbies, In the News.
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