NASCAR is cutting by about 10 percent the race winnings it will award teams in the Sprint Cup, Nationwide and Truck Series this season, officials confirmed on Friday. The reduction is part of cost-cutting measures that will alleviate some of the financial burdens on tracks that have suffered during a tough economic environment that has forced them to cut ticket prices with declining attendance.

“Last year we launched an industry-wide effort to help the sport manage budgets in this economy,” NASCAR spokesman Ramsey Poston said Friday. “NASCAR did the right thing to work with the tracks to reduce their costs in order to manage the economic realities. In return, the tracks have done a great job reducing ticket prices and enhancing the fan experience. Likewise, we worked with the teams to contain costs such as elimination of testing and other steps. This is consistent with how virtually every sport and business has adjusted to the economy over the past year.” Bruton Smith, the chairman of Speedway Motorsports Inc., which owns nine tracks that host Cup, Nationwide and Truck events, applauded NASCAR for making the cut. He doesn’t believe drivers will particularly like it, “but they understand.”

[ESPN]