NASCAR catching heat from economic crisis

WASHINGTON, Oct. 23 (UPI) -- Sports of all sorts are feeling severe effects of the global economic crisis but none more so than auto racing, which depends heavily on corporate dollars.

Corporate sponsors account for roughly 80 percent of the typical NASCAR team's budget, The Washington Post says. That's about four times the percentage of an NFL team, which draws the majority of its revenue from lucrative TV contracts and ticket sales.

For decades, NASCAR's success has been intertwined with the U.S. automotive industry with showroom sales tied to its performance and its mechanical innovations.

But Detroit's Big Three automakers are having a hard time of it, whichmay affect future contracts with NASCAR teams, the Post said. Other corporate sponsors, who have existing commitments of more than $10 million, likely will be doing the same.

Observers told the Post they believe the sport will undergo a considerable change over the next 12 months.