Economic Crisis to Make One More Victim: KV Racing

The current economic downturn takes blow after blow at the Indy Car Series. Following Rahal Letterman Racing's announcement last week that they may have to take on a part-time schedule in the series, KV Racing may also reduce its 2009 racing programme to a single-car effort. As recently announced by team co-owner Jimmy Vasser, KV is struggling to find sponsorship for a second car this season.

KV Racing has recently signed Indy Car sophomore Mario Moraes earlier this month, replacing departed Will Power – who has chosen to take on a job with Team Penske this year, playing second-choice to Helio Castroneves. However, the team has to lay off 18 people in order to financially survive the upcoming season.

“The bottom line is that we had to lay off 18 people and as of right now we're just running one car in the Indy Racing League. It was a very difficult thing to do because we have a good family atmosphere built up here but were past the date on our budget to carry the compliment of people for a two-car team. Those are just the facts,” revealed Vasser in an interview for

Vasser insisted that all hope is not lost at KV Racing, as the team will continue to search for funds in the next few months. Should they fail to secure sponsorship, KV will more than likely join teams like Newman/Haas/Lanigan, 3G team, Panther Racing, AJ Foyt, Dreyer & Reinbold, HVM and Vision Racing in setting up a one-car effort in the 2009 Indy Car Season.

“We're still trying to run two cars, we've still 23-25 people and we've kept the infrastructure so we'll be able to fire it right back up. We're optimistic we can reverse the process and we've got Brendon McManus working flat out to try and find sponsors. These are hard times but that doesn't mean we're lying down and I can promise you we won't compromise the professionalism of this team,” concluded Vasser.
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