Our recent switch to Toyota is a strong testament to our focus and commitment to become more competitive. Even though we were disappointed it became necessary to miss two races to complete the transition to Toyota. We were excited about the potential for the balance of the 2008 season.
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 49 race car. Due to the uncertainty of the stock market raising the capital is taking longer than expected.
With no other primary sponsor currently in place to fill the void the harsh reality of this most recent news is that we are forced to reduce our 2008 participation to a partial season. Our marketing groups are working hard to fill the sponsorship void so we can get back on the track sooner than later. When new primary sponsorship is secured you will be one of the first to know!
It is of little consolation that we are not alone in this plight. 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 numbers 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.
(BAM Racing Press Release)
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