NASCAR employees are experiencing pay cuts as racing is halted by the COVID-19, or coronavirus, pandemic. They were notified Tuesday that the cuts of up to 25 percent of their pay would last until racing resumes.
“With the temporary postponement of our season and the impact of the coronavirus is having on every part of our business, we will have to adjust our operations in several significant ways. We are trying to minimize expenses until we can get back to doing what we do best — holding great race events for our fans,” NASCAR President Steve Phelps wrote in a memo distributed to NASCAR employees and obtained by The Associated Press from an anonymous source. “These decisions are difficult but necessary for the health of our company as we work through this crisis and address the long-term business needs of our sport.”
According to the memo, series executives and presidents of tracks owned by NASCAR are seeing their pay reduced by 25 percent, while other employees are experiencing 20 percent temporary pay cuts.
The NASCAR Cup Series last raced March 8 at Phoenix Raceway, its fourth race of the 2020 season. the coronavirus-related postponement was announced March 13. NASCAR hopes to resume racing May 9 at Martinsville Speedway and complete all 36 of its yearly races in a modified schedule.
Discussion about this post