CART suffers another blow
By Jack Arute ESPN.com While CART races to the end of its season, the beleaguered sanctioning body continues to absorb heavy body blows to its future. Sports Business Journal reported in this week's edition that its five-year association with FedEx might have reached a termination point. The Journal cited industry sources saying the delivery system's estimated $5 million annual sponsorship and marketing agreement will cease at season's end despite three years left on the contract, which was renewed just last year. According to the published report, FedEx has an escape clause and intends to exercise it. CART officials and officials at Velocity Sports & Entertainment, which handles the FedEx CART program, deny that any final decision has been made. "A number of sources across the industry, however, indicated the decision was a fait accompli," reports the Sports Business Journal. The loss of FedEx -- if it does happen -- will further cripple CART's attempts at reinventing itself and surviving. Top teams have already bolted for the Indy Racing League as have major marketing partners Honda and Toyota. Brown and Williamson Tobacco and its KOOL brand, disappointed in their investment, will leave the sport entirely at season's end.
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