NEWMAN, BURTON AND WALLACE LOSE GM SPONSORSHIPS

The fallout from the government takeover of General Motors and the company’s declaration of bankruptcy continues. On Monday the judge overseeing GM’s bankruptcy case gave the automaker permission to end 56 promotional contracts, including those of Ryan Newman, Jeff Burton and owner Rusty Wallace, The Wall Street Journal reports. In the case of Burton, the driver will no longer make personal appearances and perform other duties on behalf of GM, but will continue to drive a Chevrolet, according to a spokesman for Richard Childress Racing.

 
The Journal reports:

GM canceled its “motorsport sponsorship agreement” with Wallace’s RWI Racing LLC and its “sponsorship services agreement” with Ryan Newman Motorsports Inc. but did not detail the nature of those deals.

GM also scraped deals with five race tracks, including Daytona International Speedway and Charlotte Motor Speedway, where the auto maker gave up suites, pit passes and parking permits.

Other contracts GM eliminated Monday included: the naming rights to Oldsmobile Park, a minor league baseball stadium in Lansing, Mich., sponsorship of The Arnold Palmer Invitational golf tournament and promotional agreements with the National Football League’s Oakland Raiders and University of Southern California’s athletic department.

NASCAR stars lose GM sponsorships (The Wall Street Journal)