The phone rang off the hook at Hendrick Motorsports in June 2007 as prospective sponsors lined up to spend their money on Dale Earnhardt Jr., NASCAR’s most popular driver who had just signed a five-year contract with the team.
A mere 15 months later, the calls from sponsors aren’t coming in as regularly to shops all across NASCAR. The weakening economy has made funding difficult to come by, and the financial meltdown has put once-solid teams on perilous ground.
“It’s a scary time right now,” said driver Jeff Gordon. “We see strong teams struggling to get sponsorship.”
Two-time champion Tony Stewart learned just how scary when he decided in June to leave Joe Gibbs Racing’s successful three-car operation to run his own team.
Stewart pulled in split sponsorship from Old Spice and Office Depot for his car, but he had to work to find funding for teammate Ryan Newman. He announced last week the U.S. Army signed a one-year deal to sponsor 23 races next season for Newman — winner of the Daytona 500 — but he still has 13 races to sell.
“I feel like with the economy the way it is right now, we’re right in line with where we need to be,” Stewart said. “It’s more important to take the extra time and get the right people than to just get people.”
In June, Forbes tabbed Hendrick as the most valuable team in NASCAR at $335 million, followed by Roush Fenway Racing ($313 million), Joe Gibbs Racing ($184 million), Gillett Evernham Motorsports ($150 million) and Richard Childress Racing ($130 million).
But it drops significantly after that. Only two other teams were valued at more than $100 million, and Robby Gordon Motorsports’ single-car operation ranked 15th at $28 million.
“NASCAR is still the best place to get the most for your investment,” said spokesman Ramsey Poston. “But just like everyone else, we recognize that next eight, 12, 18 months, all companies are going to have to tighten belts and make very serious decisions about where they spend their budgets and ad dollars.”
NASCAR believes it’s still in good health and has no plans for cutting races or renegotiating any of its partnerships. Promoters are still willing to pay steep sanctioning fees — between $500,000 and $1.5 million, depending on the track, to secure a coveted Sprint Cup race. Kentucky Speedway is practically begging for a date, while Kansas Speedway is adding a hotel-casino complex to try to land a second race.
| 
|