The horrible state of the economy has even begun showing up in the sports world. Teams are losing money and need to part ways with drivers or join with other teams to support themselves. Many teams have been merging lately because they need to do so to survive, including legendary Petty Enterprises. Co-owner Richard Petty had already sold control of the business to an investment firm in an effort to get enough money to remain competitive, but the situation didn't improve due to a worsening economy.
Since Petty retired in 1992, the team has been getting worse, and they haven't been to Victory Lane since 1999. They are talking about a merger with Gillett Evernham, which includes Kasey Kahne and Elliott Sadler. Teams are limited to four cars, and if the merger fails, Petty Enterprises may only have one car. Dale Earnhardt Inc. and Chip Ganassi Racing have already merged to stay comptetitve with stronger teams. Automakers' struggles in the economy worry NASCAR even more.
Former champion Bobby Labonte, who used to be part of Petty's team, said, "I can't remember a time when the sport's landscape looks as it does today," according to this article from The Chicago Tribune. It's sad and shocking that so many teams are struggling and that the economy is so drastically affecting sports.
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