The most powerful teams in NASCAR warned Friday that the venerable stock car racing series has a 'broken' economic model that is unfair and has little to no chance of long-term stability, a stunning announcement that added to a growing list of woes.
The National Museum of American History says American automobile racing has a century-long history of grass-roots invention.The most powerful teams in NASCAR warned Friday that the venerable stock car racing series has a "broken" economic model that is unfair and has little to no chance of long-term stability, a stunning announcement that added to a growing list of woes.
"The economic model is really broken for the teams," said Curtis Polk, who as Michael Jordan's longtime business manager now holds an ownership stake in both the Charlotte Hornets and the two-car 23XI Racing team Jordan and Denny Hamlin field in NASCAR. Hendrick and Gibbs have won six of last seven Cup Series championships dating to 2015, but Gordon said the four-car Hendrick lineup, the most powerful in the industry, has not had a profitable season in years. It will again lose money this season despite NASCAR's cost-cutting Next Gen car.File: The field of cars race through the tri-oval during the running of the Yellawood 500 NASCAR Cup Series Playoff race on October 2, 2022 at the Talladega Superspeedway in Lincoln, Alabama.
The issue has simmered for years and in 2016 NASCAR adopted a charter system for 36 cars that is as close to a franchise model as possible in a sport that was founded by and independently owned by the France family. The charters at least gave the teams something of value to hold — or sell — and protect their investment in the sport.
The current charter agreement expires at the end of the 2024 season, the same time that NASCAR’s current television deals expire. "We have become full-time fundraisers," Alpern said. "Instead of working on our business, we’re raising money just to exist."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NASCAR teams call revenue model ‘broken,’ warn of layoffsThe most powerful teams in NASCAR warned that the racing series has a 'broken' economic model that is unfair and has little to no chance of long-term stability.
Read more »
How to Watch, Schedule, Odds for NASCAR at the Charlotte RovalHere’s everything you need to know about the Bank of America ROVAL 400, this weekend’s NASCAR playoff race at the Charlotte Motor Speedway road course.
Read more »
NASCAR Driver Outcry and Safety Concerns Overshadow Cup PlayoffsMore drivers saying that what once seemed like “routine” crashes are more violent than usual with the Next Gen car, which rolled out this season.
Read more »
NASCAR Driver Outcry and Safety Concerns Overshadow Cup PlayoffsMore drivers saying that what once seemed like “routine” crashes are more violent than usual with the Next Gen car, which rolled out this season.
Read more »
Revved Up: Autoweek Racing Readers Have Their Say, Oct. 6 EditionReaders and Autoweek contributor Jerry Bonkowski have their say on Denny Hamlin, AJ Foyt, IMSA, NASCAR Next Gen and more.
Read more »
Revved Up: Autoweek Racing Readers Have Their Say, Oct. 6 EditionReaders and Autoweek contributor Jerry Bonkowski have their say on Denny Hamlin, AJ Foyt, IMSA, NASCAR Next Gen and more.
Read more »