Economic Downturn Hits NASCAR as Championship Weekend Approaches

Even the fastest growing spectator sport in the country is feeling the economic pinch:

Richard Petty, known simply as ''The King'' in NASCAR, still is trying to get sponsors to pony up the money so he can field his two Cup teams next year. At stake: the livelihood of Petty Enterprises, a 60-year-old family-owned racing operation whose history dates to NASCAR's inception. The sport's most dominant team, Hendrick Motorsports, is laying off the spotter for driver Jimmie Johnson, the points leader.

Richmond, Va., International Raceway's streak of 33 straight sellouts ended in September, and tickets are still available for all three races this weekend at Homestead-Miami Speedway, which used to sell out weeks -- if not months -- in advance.

During the economic boom, NASCAR burgeoned from a regional sport to a multibillion-dollar industry that expanded from its Southern roots across the country. But NASCAR depends on corporate sponsorship perhaps more than any other sport, and as the economy nosedives, NASCAR is getting a jolt.

''I've been around sports marketing for 20 years, and this is the toughest environment I've ever seen,'' said Steve Lauletta, president of Chip Ganassi Racing with Felix Sabates.

Driver/owner Michael Waltrip said: ``Everybody is looking at every dollar closer than they ever have before.''

NASCAR survived the energy/oil crisis, shortening race distances in early 1974 because of the oil shortage. It also weathered the economic slowdown following the Sept. 11, 2001, attacks.

But this is different.

''This probably is more significant,'' NASCAR chairman and CEO Brian France said. ``We are nervous like everybody else.''

There are more issues than just the economy affecting some of the stories mentioned above. "The King" was the king in the 70's and 80's, but his teams, which have included a variety of drivers since he retired in 1992, have not been very competitive. They have very few wins in that time, and spend most of their races running in the back. It's hard to find sponsors to pay the kind of big bucks Sprint Cup teams demand if a team's cars are consistently out of the running and only on TV when they crash or blow up.

As far as this weekend's races at Homestead where the champions will be crowned, the race for the championship in the Sprint Car division is over. Jimmy Johnson only needs to start the race to win. He could probably park it after 10 laps and still have a points lead at the end of the day. There are some tight standings in the other two divisions, but the fan interest is considerably less for the 2nd and 3rd tier divisions. Those races probably wouldn't have been sold out anyway.

All that aside, there's no question that for some of the teams which are not consistently in the running for wins sponsorship will be hard to come by and some teams will have to shut down. General Motors is in big trouble, and they provide sponsorship for some of the biggest teams in the sport, including the soon-to-be three time Sprint Cup champion Lowe's Chevy. I have to believe that GM, Ford, Dodge, and maybe even Toyota will have to rethink their sponsorship dollars.

The sport has an intensely loyal fan base, and they'll support the sport as long as they can, but even their support will have to drop. Race weekends are very expensive and souvenirs are certainly discretionary purchases. There may be fewer die-cast cars and team t-shirts under Christmas trees this year.