Team Layoffs Continue
The 2008 season is now over, and the economic crisis is beginning to come down on race teams in the Sprint Cup Series. Already, DEI (as a result of the merger between DEI and CGRFS) and Hendrick Motorsports, in addition to JR Motorsports in the Nationwide Series, have announced staff layoffs in an attempt to save money.
Today, news has surfaced that Stewart-Haas Racing (formerly Haas CNC Racing), Yates Racing, Hall of Fame Racing, Petty Enterprises and the Wood Brothers have all laid off varying numbers of employees in a scramble essentially for survival. Look for this to continue.
Fitz Motorsports May Not Continue in 2009
SceneDaily.com is reporting that Fitz Motorsports team owner Armando Fitz is seriously considering shuttering the team for next season.
“I really never thought I could have a year worse than what I had in ’05,” Fitz said. In 2005, both of Fitz’s parents died within six months of each other. “This year has been right there.”
Fitz Motorsports reportedly owes money to vendors and has discussed selling a share of the team. Of course, any potential investors in the team would have to be made aware of monies owed to individual vendors (parts, shop equipment, etc.).
On the sponsorship front, Fitz’s No. 22 has backing for only 15 of the 35 scheduled races for next season.