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 ...

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GM CUTS NASCAR SUPPORT

 Yes, I'm breaking out the ominous-clouds-over-the-GM-sign photo again. Days after the government took control of the company and a GM spokesman assured NASCAR, its teams and its fans it would continue its current level of financial support for its auto racing programs, General Motors has announced that it is cutting back on its current level of support for its auto racing programs. According to the Associated Press, "Chevrolet spokesman Terry Rhadigan says GM, which is reorg ...

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GM DOES NOT EXPECT BUDGET CUTS TO ITS AUTO RACING PROGRAM

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, incl ...

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