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New company allows NASCAR fans to sponsor former champion

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(Corrects to show Kenny Wallace, not Rusty Wallace did a similar program)

A company launched by a NASCAR fan to allow fellow race lovers to collectively sponsor a car has signed up a former NASCAR champion driver as its first recipient.

FanCar said it will sponsor two-time NASCAR Sprint Cup champion Terry Labonte and Carter/Simo racing at the Ford 400 race on Nov. 22 in Miami, the last race of the season. The company was launched by Texan and NASCAR fan Matt Ferguson last week.

"Our sport is struggling for sponsorship," Ferguson said in a telephone interview. "There are way too many great drivers out there without sponsors."

Smaller teams in NASCAR have cut jobs and merged this year to surviveĀ as corporate sponsors have cut spending amid the weak economy.

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