The news articles just keep on coming! Here are a few more recent ones:
- Poor Economy Starting to Shape Sports Landscape (New York Times, 11/14/08) – another smalled sporting event gets cancelled (Tour of Georgia cycling race) and NASCAR loses revenue while trying to cut their costs.
- Are the New Jersey Devils Stalling Their Creditors? (NJ.com, 11/16/08) – An NHL team is actually behind on their bills and may face actions from the city.
- NASCAR is about to face some tough times(FoxSports.com, 11/16/08) – Multiple race teams are making layoffs, including Chip Ganassi and Hendrick.
- Amid downturn in US, GM and other sports sponsors rethink their gameplans (IHT, 11/16/08) – Major sponsors are withdrawing their sponsorship dollars, and teams are going to pay the price.
Not a lot of good news out there right now. I’ve also heard about other teams in the four major sports making staffing cuts. I don’t expect a rebound anytime soon, but I do think we’ll hit a leveling-off point in the next 4-6 months.