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Nascar lays off staff members in downsizing effort

Nascar has laid off approximately 50 employees – less than five per cent of its work force – as part of a downsizing effort.

The lay-offs are reported to be company-wide, including all offices of the troubled sanctioning body.

It is believed the move was undertaken to help make the company more attractive to a buyer. The France family has been exploring a sale of Nascar.

In a statement, Nascar said: “As all good businesses do, Nascar is committed to strengthening its operation to ensure that resources are aligned to strategies that grow the sport and drive our business.

“We have a talented team at Nascar and we’re confident that greater focus on the opportunities to drive fan interest and strong industry partnerships will help our sport achieve long-term growth.”