BAM Racing says it has been forced to cut back its 2008 NASCAR Sprint Cup program after a primary sponsor failed to meet their financial commitments.
Team owner Beth Ann Morgenthau says after being forced to skip two events while the team switched to Toyota equipment, they planned to return to race for the remainder of the season.
However, Morgenthau says she received word this week that a primary sponsorship deal which was planned for the majority of the 2008 season had now been reduced to a fraction of the season and is now targeted for the fall. She says the private company providing the funds had hoped to raise most of the capital in the equity markets but that due to the slumping economy, raising the money 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," said Morgenthau.
"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 effect on the number of teams showing up each week to compete."
"We are making every effort to make our sabbatical as short as possible."
Last month, the team announced a sponsorship deal with Microsoft Small Business.
With veteran Ken Schrader behind the wheel, the No. 49 made three of the first six races, including a top-10 starting position at Martinsville. But the car finished 21st at Las Vegas, 41st at Bristol and 37th at Martinsville, leaving it well short of the owner points needed to secure a guaranteed spot.