A General Motors spokesman said Monday that the company will maintain its current level of financial commitment to its racing program. The public assurance comes in the wake of the announcement that the automaker will declare bankruptcy and overhaul its operations. GM already has scaled back its racing budget. At the end of 2008 it chose not to renew four of its 12 track sponsorships. According to the Fort Worth Star-Telegram, "GM doesn’t disclose its annual investment in NASCAR, including track deals and support to race teams, but estimates run as high as $125 million."
Rick Hendrick, owner of Hendrick Motorsports, which runs the Chevy Impala SS in Sprint Cup, released this statement on Monday:
“Since I was a kid, Chevy has represented the highest level of performance. I’ve never wanted to race anything else, and I have every confidence that we will continue to celebrate victories together for many more seasons to come.”
The Wall Street Journal reports, "Under the plan, the government would own 60% of the new GM, but Mr. Obama said auto executives ‘will call the shots and make the decisions about turning this company around.’ He said the government would refrain from playing a management role in all but the most critical areas. ‘Our goal is to help GM get back on its feet…and get out quickly,’ he said."
Keep in mind, that rosy scenario only comes to pass if GM starts selling cars Americans want to buy. If it couldn’t do so before, what makes anyone think it will finally do so under government supervision? That’s the question that has yet to be answered.
GM files for bankruptcy protection (The Wall Street Journal)
GM has to walk fine line in weighing NASCAR’s Chevy investment (Forth Worth Star-Telegram)
GM expected to keep its stake in auto racing (Detroit Free Press)