NASCAR cuts pay amid shutdown

NASCAR cuts pay amid shutdown

NASCAR

NASCAR cuts pay amid shutdown

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With racing on hiatus due to COVID-19, a memo sent by NASCAR President Steve Phelps this week informed employees of pay cuts.

The Associated Press obtained a copy of the memo, and reports the cuts will be imposed until racing returns. Officials have postponed seven races thus far, with a hoped-for return to action at Martinsville Speedway in early May.

Series executives and presidents of NASCAR-owned tracks will see a 25 percent salary reduction. A merger between International Speedway Corporation (ISC) and NASCAR was finalized late last year, and those tracks are Daytona, Auto Club (Fontana), Talladega, Phoenix, Darlington, Homestead-Miami, Richmond, Kansas, Martinsville, Watkins Glen, Michigan and Chicagoland.

The salaries for all other employees will be reduced by 20 percent. Additionally, employees were told to use a week of vacation time, and budget expenses and capital improvements have been frozen.

“With the temporary postponement of our season and the impact the coronavirus is having on every part of our business, we will have to adjust our operations in several significant ways,” Phelps wrote in the memo per the AP. “We are trying to minimize expenses until we can get back to doing what we do best – holding great race events for our fans.”

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