NASCAR is cutting dozens of jobs amid a proposed bid to buy International Speedway Corporation, which owns and manages racing facilities that host NASCAR races.
Roughly 50 NASCAR employees in a range of positions were let go on Friday, according to multiple news outlets including the Associated Press. That represents about 5 percent of the company’s workforce, the SportsBusiness Journal reported.
NASCAR did not say where the layoffs occurred. But NASCAR confirmed layoffs took place across the company, which includes offices in Charlotte, where it employs about 300 at its uptown office, and Daytona Beach, Fla., where NASCAR is based, as well as in Los Angeles and New York.
“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,” NASCAR said in a statement to the Observer.
A NASCAR representative declined to comment further.
The layoffs come several months after NASCAR said it had submitted a non-binding offer to buy ISC, a publicly traded company, for roughly $1.9 billion.
Layoffs at NASCAR also comes as the racing governing body grapples with declining ticket sales, loss of sponsors and shrinking TV audiences.
As of Friday afternoon, the N.C. Commerce Department had not yet received a Worker Adjustment and Retraining Notification Act notice for NASCAR. Employers file WARN notices when they when they have mass layoffs, close facilities or change hands.