NASCAR lays off dozens of staff members (Update)

Is Jim France just getting rid of redundant staff due to the merger of NASCAR and ISC, or is it all being sold?Nascar

UPDATE NASCAR has let go of approximately 50 staffers in a major restructuring effort, although the sanctioning body has not said who has been laid off, or where.

The cuts come amid rumors that NASCAR is seeking a buyer for the organization. Back in November, NASCAR made an offer to buy back all the outstanding shares of parent company International Speedway Corporation and also hired out Goldman Sachs Group Inc. to look for potential buyers.

All of this come on the heels of dwindling ticket sales, record-low television ratings and a rash of NASCAR's biggest names who have opted to walk away from the sport,as well as the current legal troubles of former chairman and CEO Brian France.

All of this leaves NASCAR on a precipice as they earnestly seek out a new title sponsor for their premiere series and a multi-billion dollar television deal that expires in just five years.

1/11/19 UPDATE The move comes as the sanctioning body continues to face declines in ticket sales and viewers, and month before the 2019 race season kickoff.

The move was part of a merger of the NASCAR sanctioning body with International Speedway Corporation (ISC), SBD's Adam Stern said.

The merger aims to join the sport sanctioning body with ISC, which owns 12 race tracks, into one privately held company, ESPN reported in November.

News of layoffs was echoed by AP motorsports reporter Jenna Fryer, who tweeted that she was hearing the number of layoff was around 50. "As I hear more and more names out at NASCAR, I feel like this is cutting numbers and becoming more attractive to a buyer," she tweeted. "Some of these people being let go are NASCAR lifers."

01/11/19 NASCAR issued a statement Friday in light of layoffs made:

“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. 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."

A NASCAR spokesperson said the sanctioning body would not confirm any individuals no longer working there.

While the total number of employees laid off could not be determined, it represents less than 5% of the workforce and estimated to be 50 to 100 employees. The layoffs are said to have hit several different departments in both competition and business operations.

Is Jim France just getting rid of redundant staff due to the merger of NASCAR and ISC, or is it all being sold?

01/11/19

UPDATE The move comes as the sanctioning body continues to face declines in ticket sales and viewers, and month before the 2019 race season kickoff.

The move was part of a merger of the NASCAR sanctioning body with International Speedway Corporation (ISC), SBD's Adam Stern said.

The merger aims to join the sport sanctioning body with ISC, which owns 12 race tracks, into one privately held company, ESPN reported in November.

News of layoffs was echoed by AP motorsports reporter Jenna Fryer, who tweeted that she was hearing the number of layoff was around 50. "As I hear more and more names out at NASCAR, I feel like this is cutting numbers and becoming more attractive to a buyer," she tweeted. "Some of these people being let go are NASCAR lifers."

01/11/19 NASCAR issued a statement Friday in light of layoffs made:

“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. 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."

A NASCAR spokesperson said the sanctioning body would not confirm any individuals no longer working there.

While the total number of employees laid off could not be determined, it represents less than 5% of the workforce and estimated to be 50 to 100 employees. The layoffs are said to have hit several different departments in both competition and business operations.