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It's a well-known fact that NASCAR is a financially driven sport. Teams and drivers work each year to secure sponsorships and partnerships to fund their operations. Beyond covering the costs of running a car, paying driver salaries and supporting team logistics requires a stable stream of finances.
Over the years, some NASCAR teams have faced financial struggles, forcing them to cease operations. Whether it was on account of weak sponsorships, debts or unsustainable costs, they made an ill-timed exit from the sport.
Let’s explore three notable examples of teams that exited NASCAR due to financial challenges.
Here are 3 NASCAR teams forced to shut operations amid bankruptcy
#1 BK Racing (2012-2018)
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BK Racing debuted in the 2012 Daytona 500, with Landon Cassill and David Reutimann piloting its #83 and #93 Toyotas. Despite their efforts, the team struggled financially and in 2018 filed for Chapter 11 bankruptcy.
Reports suggest that co-owner Ron Devine was accused of using family trusts and corporations to divert $6.4 million from BK Racing and withholding over $2 million in employee payroll taxes from 2012 to 2017.
The alleged misuse of BK Racing's capital by their co-owner led to several lawsuits, causing their untimely exit from NASCAR. The team eventually had to sell their assets to Front Row Motorsports.
#2 JD Motorsports (1983-2024)
JD Motorsports made its NASCAR Xfinity Series debut at the 1983 Goody’s 300 at Daytona. The team, owned by Johnny Davis, expanded to a full-time, multi-car operation in NASCAR by 2002. Jeffrey Earnhardt and Ross Chastain are two notable drivers to have competed for the team.
However, in April 2024, the team faced severe financial challenges and filed for bankruptcy, reporting $436,000 in debt. This led to layoffs in the team, which in turn led to their mid-season withdrawal ahead of the Xfinity Series race at the historic Indianapolis Motor Speedway.
Despite efforts to reorganize, JD Motorsports ultimately closed its doors later that year, ending a long chapter in the history of the Xfinity Series.
#3 Stewart Haas Racing (2002-2024)
Stewart-Haas Racing, one of NASCAR's most renowned teams, was founded by three-time Cup Series champion Tony Stewart and Gene Haas of Haas Automation. Over 22 years in the sport, SHR secured 103 victories, including 70 in the Cup Series. They also secured three Drivers' championships - two in the Cup Series and one in the Xfinity Series.
The conclusion of the 2024 season marked Stewart-Haas Racing's exit from NASCAR. The team primarily faced difficulties in retaining sponsorships. They lost two major backers, Smithfield Foods and Anheuser-Busch, before the start of the 2024 season.
Additionally, SHR's partnership with Ford Performance ended after the 2024 campaign. Without the financial stability and manufacturer support needed to compete, SHR was ultimately forced to shut operations.
However, SHR's co-owner Gene Haas is still committed to NASCAR, in the form of the newly introduced Haas Factory team.
