Rick Hendrick Forced to Sever Ties With Chase Elliott’s Iconic Sponsor After Worrying Cash Crunch

Hooters’ faithful will be saddened to know that at least 44 outlets belonging to the restaurant chain have shut down indefinitely across 14 states in the United States. A report by USA Today suggests that “pressure from current market conditions” led to these recent developments. But even more heartbreaking announcements arrived on July 1st, this time to break hearts within NASCAR’s dedicated ‘Orange Zone,’ involving Rick Hendrick, Chase Elliott, and the Hooters sponsorship deal.

Hooters cut ties with Chase Elliott & Rick Hendrick’s camp after 7 years

Kelly Crandall broke the news to the world with a set of tweets only a few hours ago, “There were rumblings earlier this season that Hooters was still going to be on Chase Elliott’s car, but the company was having some business struggles…” In a separate tweet posted only minutes earlier, Crandall shared an official statement from Hendrick Motorsports which declared the end to a partnership that dates back to 2017.

As Crandall wrote on behalf of Rick Hendrick’s race team, “Hooters has been a valued partner of Hendrick Motorsports since 2017, contributing to our shared successes both on and off the track. In recent months, however, Hooters has not been able to meet its business obligations to our organization. Due to these unfortunate and unexpected circumstances, and despite extensive efforts on both sides to identify a workable solution, it became necessary for Hendrick Motorsports to end the relationship. It has been a privilege having Hooters as a part of our team and we wish them the best.“

And with that, another sponsor bites the dust, facing NASCAR’s impending sponsorship background. Following the Great Recession of 2008, NASCAR has lost more than 75% of its 150+ Fortune 500 sponsors, as per the Sports Business Journal. For those unfamiliar, the Fortune 500 “in its 70th year” ranks 500 companies based on the highest revenue generated within a financial year. Hooters has not been a Fortune 500 company since its inception in Clearwater, FL, more than 40 years ago, but the brand’s impact has been far and varying in NASCAR.

The history of ‘the Hootie’ in NASCAR

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From sponsoring Alan Kulwicki’s 1992 championship-winning #7 throughout the year right up to the championship race (ironically titled the Hooters 500), to witnessing Chase Elliott break a 40+ winless race streak at Texas earlier this year in the #9 Hooters car, the Hooters owl has been part of plenty stock car memories.

Many notable Cup drivers, such as Loy Allen Jr, Rick Mast & Brett Bodine, drove under the Hooters banner until 2003 when the company decided to take a temporary 4-year hiatus from NASCAR. They later returned in 2007, sponsoring a Truck Series team with Jason White, Derrick Cope & Brad Keselowski manning those folds. In 2013, Hooters sponsored Nelson Piquet Jr’s #30 Nationwide Series car for Turner Scott Motorsports.

As of July 1st, 2024, NASCAR’s Most Popular Driver waved that banner. But with this news making its way to the wider audiences straight from Rick Hendrick’s, the masses are in a frenzy after having to lose another familiar connection in the top 3 National Touring Series. Elliott’s #9 Camaro ZL1 was to race in a Hooters paint scheme thrice this season. It has already done so twice in Texas and Atlanta earlier. But considering the latest developments, it seems the Owl and its orange won’t be making its way to the Hendrick camp at Richmond this fall.