Rahal Letterman might not make IndyCar season

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Rahal Letterman Racing, the IndyCar Series team owned by 1986 Indianapolis 500 winner Bobby Rahal and talk-show host David Letterman, is in danger of missing this season.

Rahal said today that ‘as of this time we do not have any sponsorship that will allow us to compete.’ But he said in a statement that the team continued trying to secure a sponsor and ‘there is still time for us to put something together.’

Rahal Letterman had one driver last year, Ryan Hunter-Reay, who won the series race at Watkins Glen, N.Y. The team, based in Hilliard, Ohio, also won the Indy 500 with Buddy Rice in 2004 and brought Danica Patrick to the series in 2005.

The team’s problems are only the latest example of how the economic recession has made it tough for racing teams to find the corporate financing that is critical to their survival.

-- Jim Peltz