GM to reduce support for Cup teams
General Motors is set to cut back financial support for its main teams competing in the NASCAR Sprint Cup after filing for bankruptcy protection earlier this month. Less than a week since cuts were announced for its Nationwide and Truck Series teams, the automaker has now taken a similar step with the outfits it supports in NASCAR's top series.
Hendrick Motorsports and Stewart/Haas Racing, currently the top teams for Chevrolet in the championship, confirmed that they've been notified of the measure.
"We had very productive conversations this week with the folks at General Motors and it's clear they are committed to racing and committed to our organization," said team owner Rick Hendrick in a team statement. "They've asked us for some help and we're going to give it to them. We're proud to be a Chevy team and we will do our part to support the new GM both on and off the racetrack."
Chevrolet teams competing in the Sprint Cup have been receiving both technical and financial support from the manufacturer, with figures estimated to be around 10 to 20 percent of the teams' budgets
Points leader Tony Stewart, owner of Stewart/Haas Racing, says the cuts will have an impact on the team's finances, but he doesn't expect that to affect its performance on the track.
"We have been, and will continue to be, strong supporters of GM and its Chevrolet brand," Stewart said. "These are tough times for our auto industry and in light of what's happening to them and how it affects all the people who make a living building and selling cars and trucks, the sacrifices we'll have to make as a race team are pretty weak in comparison.
"We believe in the products GM has now and in the products they're building for the future. We're proud to carry the Chevy bowtie on the hoods of our racecars and we support GM in this time of uncertainty because we know they'll be an even stronger company in the years to come."
Other Chevrolet-supported teams competing in the Sprint Cup are Richard Childress Racing and Earnhardt Ganassi Racing.