NASCAR downsized Friday with a round of layoffs that affected personnel throughout all departments of the stock car racing sanctioning body.
“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,” a statement from NASCAR read. "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.”
NASCAR declined to name specific individuals laid off, but an article from Motorsport cites sources claiming less than five percent of NASCAR’s employees, or 50-100 people in total, were laid off.
NASCAR numbers pertaining to race attendance and TV viewership have fallen off in recent years. NASCAR also will lose Monster Energy as title sponsor of its top series after the 2019 season.
The sanctioning body has recently experienced multiple personnel changes among its highest ranks over the last year. Brian France was replaced by his uncle Jim France as chairman and CEO after being arrested for driving under the influence and drug possession. Also, Steve Phelps replaced Brent Dewar as NASCAR president after Dewar held the position for little over a year.
Early last year, reports of the France family researching the possibility of selling NASCAR emerged. At first, the family denied the reports but later acknowledged a sale of a minority stake in NASCAR may be possible.
NASCAR announced in November it had made an offer to purchase outstanding shares of International Speedway Corporation, the parent company of 13 tracks that host NASCAR Cup Series races. The France family owns NASCAR and controlling interest in ISC. NASCAR claimed the offer was made to merge ISC into NASCAR.
NASCAR also acquired the ARCA Racing Series in 2018.