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BAM Racing to reduce its number of Sprint Cup races
By SceneDaily Staff
Tuesday, April 15, 2008
Team owner Beth Ann Morgenthau says BAM Racing is reducing its NASCAR Sprint Cup effort to a partial season.
LaDon George
Team owner Beth Ann Morgenthau says BAM Racing is reducing its NASCAR Sprint Cup effort to a partial season after the loss of a planned sponsor this week.
In an open letter, Morgenthau said that the organization’s recent switch to Toyota was a “strong testament to our focus and commitment to become more competitive.” She admitted disappointment in missing a pair of races while the team reorganized, but said that it had planned to complete the remainder of the season.
Now, though, “that excitement was abruptly interrupted this past week by news that a primary sponsorship deal once planned for the majority of the 2008 season had been reduced to a fraction of a season and that fraction will likely be in the fall. The private company has been in the process of raising funds in the equity market for working capital which included a portion going to a product launch using the [No.] 49 race car. Due to the uncertainty of the stock market raising the capital is taking longer than expected.”
Without primary sponsorship, Morgenthau said the team will reduce to a partial season this year.
“It is of little consolation that we are not alone in this plight,” Morgenthau said in the statement. “The uncertain economic times affecting
our sponsor are affecting sponsorships throughout NASCAR and are having a winnowing affect on the number of teams showing up each week to compete. We’re confident that with the decreasing number of teams, with the competitive cars we produce and with the horsepower Toyota engines provide, we will be able to step back into competition effectively and successfully on short notice--and we are making every effort to make our sabbatical as short as possible.”
No details on the exact number of races the team planned were released.
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