NASCAR President on Cup Series: NASCAR President Steve Phelps echoed sentiments long voiced by team executives: running Cup Series teams isnt currently yielding profits.
In a recent Race Industry Week Zoom meeting, Phelps underscored NASCARs need to rework the financial viability of owning a Cup Series team. Sponsorship scarcity has led teams to stretch their budgets to cover mounting costs, and its apparent to NASCAR that this model isn’t sustainable.
Phelps acknowledgment arrives as teams seek increased revenue from NASCARs upcoming television deal. The current contract concludes after the 2024 se
arson, with Fox and NBC expected to remain major TV partners. Reports surfaced suggesting NASCAR’s exploration of selling up to 10 summer races to a streaming platform, aiming to bolster income.
While a new TV deal might offer financial gains, teams also push for a restructured distribution of TV revenue. Phelps remarks might reinforce this request.
These disclosures highlight that NASCAR’s recent Cup Series car hasnt delivered as anticipated. Initially seen as a cure-all, the new design aimed for cost reduction through parts from single-source vendors, but teams claim they’re spending more than ever in the car’s initial seasons. To control costs, implementing price controls on parts used in Cup Series cars could be considered, given their common suppliers.
NASCAR might draw inspiration from Formula 1’s cost-cap structure. Though F1 teams build their cars and parts, F1 recently introduced a cost cap to curb excessive spending.
Reducing expenditure stands as a pivotal factor in NASCARs future. The sooner NASCAR and teams reach an agreement on cost management strategies, the better for the sports sustainability.
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Our Reader’s Queries
Who is NASCAR president?
NASCAR President Steve Phelps recently discussed the challenge of scheduling races with four broadcast partners in 2025. This presents a unique challenge for the organization, as they must balance the needs of each partner while also ensuring a fair and competitive schedule for all teams. Phelps acknowledged the complexity of the situation, but expressed confidence in NASCAR’s ability to navigate it successfully. As the sport continues to evolve and grow, it will be interesting to see how NASCAR adapts to these types of challenges in the future.
Who is Steve Phelps NASCAR?
As the President of NASCAR, Steve Phelps is responsible for managing all aspects of the auto racing sanctioning body. This includes overseeing operations, competition, and commercial activities, as well as managing 15 racetrack facilities and the International Motor Sports Association (IMSA) sports car series. Phelps brings a wealth of experience to his role as a board member, and his leadership has helped to shape the future of NASCAR.
What is the new deal with NASCAR?
NASCAR has secured a fresh media rights agreement that will span seven years, starting from 2025. The deal features the return of FOX Sports and NBC Sports, as well as the addition of new streaming partners, Amazon Prime Video and TNT Sports. This move is set to expand the reach of NASCAR’s coverage, providing fans with more options to watch their favorite races.
