GM cutting back on NASCAR spending

Deseret News (Salt Lake City), Jul 17, 2008

Troubled General Motors has notified two racetracks that run NASCAR events that their current contracts will not be renewed as part of an overall $10 billion cost-cutting program.

That seems to be just the first step in what could be a huge drop in support by GM, Ford and Chrysler for tracks and teams in NASCAR's top three professional divisions.

GM announced Tuesday that it had suspended its stock dividend and will sell up to $4 billion in assets, moves made necessary by the downturn in sales and the rising cost of gas.

And motorsports sponsorships will not be exempt from the cutbacks.