GM had to move IRL money to NASCAR

UPDATE There is some speculation whether Chevy will lose some of its best Nextel Cup teams or drivers to Toyota and Honda. Downgrade to junk status seems certain for GM bonds, which means they may not be able to go toe-to-toe with Toyota and Honda in a bidding war over salaries and team incentives. 04/26/05 [Editor's Note: It's now common speculation that GM dropped their Chevy IRL program after 2005 to move that money to NASCAR in anticipation of a strong effort from Toyota in 2006 (Busch) and 2007 (Nextel Cup). Toyota is also said to be moving their IRL money to NASCAR though no official announcement has been made.] Despite General Motors' quarterly loss of $1.1 billion, the largest deficit since the first quarter of 1992, the newly appointed director of GM racing, Mark Kent, will defend the racing program to stockholders and is optimistic that Chevrolet will be able to compete with Toyota when Toyota enters Cup, which is expected in 2007. Insiders expect Toyota's technology to make it a strong contender immediately. Sporting News