NASCAR lays off dozens of employees amid downsizing effort
NASCAR eliminated dozens of jobs and dismissed roughly 50 employees on Friday afternoon.
The news was first revealed by the Associated Press and the Sports Business Journal and later confirmed by the sanctioning body itself. The cuts represent about five percent of the company's workforce.
"As all good businesses do, NASCAR is committed to strengthening its operation to ensure that resources are aligned to strategies that grow the sport and drive our business," NASCAR said in a statement. "We have a talented team at NASCAR and we’re confident that greater focus on the opportunities to drive fan interest and strong industry partnerships will help our sport achieve long-term growth."
The layoffs included positions in corporate, competition and business; with NASCAR declining to name those released. The jobs eliminated were in the Charlotte, Daytona Beach, Los Angeles and New York offices.
The development comes nearly two months after NASCAR announced that it had made a non-binding offer to acquire outstanding shares of International Speedway Corp., the publicly-traded company that owns 13 tracks on the Monster Energy NASCAR Cup Series schedule.
Any merger would see NASCAR acquire those shares and combine the two companies into one private entity. Bloomberg reported that NASCAR's offer was for $1.9 billion.
Over the summer, there was a report that NASCAR was exploring a sale of the sanctioning body itself. The league has offered no comment, although then NASCAR CEO Brian France has said his family was committed to the sport.