A mass exodus of global companies from Russia alongside the covid-19 pandemic is creating global economic uncertainty and the potential for a strained sporting future.

Globally, sports have seen a reduced revenue stream via a decrease in earnings, broadcast rights, and sponsorships, leading to many sporting organisations, like NASCAR, exploring was to ensure its survival and the longevity of its sponsor relationships.

As NASCAR approaches its upcoming season, NASCAR president, Steve Phelps, has outlined the organisation’s plan for the road ahead addressing the organisation’s risk taking, sponsorship relationships, growth, and position in the sporting landscape.

Phelps said he expects to see growth in the sport and its viewership despite a quarter of last year’s events being affected by rain.

“Assuming weather co-operates better than Mother Nature did last year, my expectations are for the ratings and share to increase significantly, and that’s with continued HUT [homes using television] level declines,” Phelps said.

Phelps said he believes F1’srecent progress, alongside NASCAR’s investment into its own growth will aid its U.S. expansions.

“If you think about it, including all the series we own, we have roughly 80% of the market share of racing in this country so we think it’s a tremendous opportunity for us and hopefully F1 and IndyCar.”

“We can control what we can control and that’s making sure we’re doing everything we can to drive interest to our sport.”

“We’re putting plans together and investing more than our company has ever invested before to drive the rest of the industry, and continued growth is my expectation.”

NASCAR is investing large sums of money and incurring risks by experimenting with new events and car models to push the sport forward.

NASCAR’s new generation of cars will enhance driver safety and increase the car’s cost effectiveness to combat the league’s dwindling sponsorship revenues.

Phelps said the new generation car is redesigning the league’s team model and affecting team ownership.

“I believe this car has done wonders in general to bringing new teams in.”

NASCAR’s sponsorship opportunities are steadily growing due to the league’s growth, social justice involvement and banning of the confederate flag.

It aims to increase its sponsorship deals with blue chip brands, challenger brands, and category leaders.

“I think our sport has turned the corner and we’re going to continue to see increased sponsorship being sold.”