General Motors has discontinued its funding of NASCAR teams in the Nationwide and Camping World Truck series, several teams affected confirmed Friday. More cuts—at NASCAR’s Cup level—could be next.
“Kevin Harvick Inc. has lost its manufacturer support,” KHI co-owner Kevin Harvick said in a statement released on Friday.
“Although this will require some internal restructuring, our commitment to our sponsors to provide the best possible product on the race track will not change.”
GM last week filed for Chapter 11 bankruptcy protection and has started the process of evaluating the cost effectiveness of several of its programs, including its manufacturer support in motorsports, and specifically NASCAR. Hickory Daily Record
Chevrolet motorsports spokesman said: “Chevrolet’s involvement in racing is a sound business decision that translates into the sale of cars and trucks. It is essential, however, that we continue to look at every penny we spend as General Motors takes the necessary steps to become a leaner company with a significantly stronger balance sheet.
“While Chevy racing is talking to its business partners about ways to reduce cost and maximize the return of investment, it is our policy not to talk about the details of business relationships with our partners.”
“It’s not secret GM is going through serious restructuring,” said NASCAR spokesman Jim Hunter. “How it will affect NASCAR — we don’t know. I would expect you’ll still see Chevys (in the series) on the race track. In the short-term, we don’t expect it to have serious effects; in the long-term, NASCAR doesn’t have answers to that.” Detroit Free Press
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