NASCAR fired about 50 employees on Friday to buy back the International Speedway Corporation, which owns and operates NASCAR racing-based racetracks, reports said.
The number of people fired represents less than 5% of the company's workforce. According to the daily Daytona Beach Business News Journal, the cuts would have affected several departments of the competition and the organization's business operations. NASCAR did not specify which of its offices had been touched.
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"Just under 5% of our total workforce has been laid off today throughout our company," said a NASCAR official at the publication. "We are looking to use the remaining resources and focus on existing initiatives that require money and help us move forward."
The motor racing organization based in Daytona Beach, Florida, has offices in Charlotte, northern Mexico, where it employs 300 people, as well as in Los Angeles and New York, said the Charlotte Observer.
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NASCAR issued a statement saying, "Like all good companies, NASCAR is committed to strengthening its operations to ensure that its resources are aligned with the strategies that develop the sport and drive our business. NASCAR has a talented team and we believe a greater focus on opportunities to engage fans and strong industry partnerships will help our sport achieve long-term growth. "
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The layoffs occurred months after NASCAR announced it had offered to buy the International Speedway Corp. for about $ 1.9 billion. The governing body of racing has been faced with declining ticket sales, the loss of sponsors and the decline in the number of television viewers in recent years.