NASCAR addresses company layoffs; staff reductions at Iowa Speedway
NASCAR has addressed companywide layoffs that were announced Friday and significantly will impact the staffing of one racetrack.
As part of the restructuring, NASCAR has moved to a “centralized” model at Iowa Speedway, meaning the majority of its staff has been dismissed.
The track will retain president David Hyatt and a small staff in operating its races this year. The staff at Kansas Speedway, which is about four hours away from the 0.8-mile oval, will assist the operation of Iowa Speedway. NASCAR hasn’t finalized its 2021 schedule, but the track’s potential races next year also wouldn’t be expected to be affected as of now.
“Iowa Speedway looks forward to running our 2020 race event schedule and delivering another exciting season of racing,” Hyatt said in a statement to NBCSports.com. “With assistance from the Kansas Speedway staff, we remain committed to providing an unforgettable race day experience and great entertainment value for our fans.”
NASCAR wouldn’t comment on how many employees lost their jobs Friday in layoffs that affected every department in its organization. The personnel changes had been planned after the absorption of International Speedway Corp. last October that brought a dozen tracks under the NASCAR umbrella.
“Following the (ISC) merger, NASCAR began evolving its operations and we remain committed to this process during these unprecedented times to ensure the long-term health of our sport,” NASCAR said in a statement to NBCSports.com. “Like other businesses, we are working to get through this economic impact and position ourselves for success upon our return to racing.”
A spokesman said NASCAR was offering programs and resources to help employees who were affected with finding new jobs.
NASCAR already had announced across-the-board pay cuts last week (25 percent for executives, 20 percent for other employees) as it deals with the shutdown from the novel coronavirus (COVID-19) pandemic.
The next race on its schedule is May 9 at Martinsville Speedway, which seems in doubt because of a Virginia Stay at Home order. NASCAR has yet to announce a revised schedule for 2020.