NASCAR and Formula One are in economic trouble
As the world’s economy plunges into uncertainty, the Motor Sports industry is likewise affected just by the sheer turmoil every industry is experiencing at this moment.
NASCAR itself has seen it’s share of backdrops while Motor Sports giant F1 is also looking towards implementing further cost cutting measures that would save the series money up to 2010. the FIA otherwise known as the governing body of Formula One has noted that the shocking departure of Team Honda from Formula One would mark as one of the biggest downturns so far and is sighting unsustainable costs that ultimately gave the go ahead signal for Honda Corp. to pull out.
Dutch Bank ING has also seen its side of the inconceivable economic unrest that also has brought them to make a decision of slashing millions of Dollars to its Formula One sponsorship programs. Credit Suisse, a Swiss Banking giant has also dropped its sponsorship of Robert Kubica and Nick Heidfeld of BMW Sauber who last year was one of the more competitive Teams in Formula One. Going on to the United States, who are by far the country that has its economy in a twist concerning motoring, has also seen a trend that would keep up most likely if the global economy keeps slipping into total chaos.
Early into this NASCAR season we already have seen four NASCAR teams getting into mergers, namely Dale Earnhardt Inc and Chip Ganassi Racing while Gillett Evernham Motorsports merged with Petty Enterprises.
Could it be that the steadily dwindling global economy could be a blessing in disguise as Motorsports teams merge and produce considerable breakthroughs in engine technology? Ford Motors on the other hand would be considering selling Volvo, one of the purchases they made in 1999 worth $6.4 Billion. Information from a reliable source said that Ford Motors would be receiving less than what they have paid for in order not to settle into a Federal bailout. The talks are ongoing as of the moment with Cherry Automobile Co. and Chongqing Changan Automobile Co. If ever most of these push through there would be a very likely outcome that some time in the near future we could see Chinese Automobile Companies enlisting in the American Motor Sport of NASCAR.
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