Nick Bollea loses major sponsorship

Nick Bollea will lose Polaroid as a sponsor in 2008.

PINELLAS COUNTY (Bay News 9) -- Polaroid says they're not going to renew their sponsorship for Nick Bollea's drift car.

"We have a signed deal for 2007 not for 2008," said Cheryl Mau, VP of Marketing, with Polaroid. "We do not have a signed sponsorship agreement with Nick Hogan for the 2008 race season. "

Polaroid is not releasing the reason why they're not renewing the deal.

The announcement comes just a couple months after Bollea crashed his car, critically injuring his friend, John Graziano.

George Tragos, the attorney for Graziano's mom, says it's probably a risk that the company is not willing to take.

Tragos says considering the criminal case that's being investigated, Nick should keep a low profile.

According to the celebrity website TMZ, Hulk Hogan's son recently blogged about the sponsorship on his Myspace page.

According to TMZ, Bollea was excited about the sponsorship, blogging: 'i picked up a new title sponsor...POLAROID! and started my own team with twin 350z's pretty cool i know. anyways id like everyone to wish my luck for my 08 season and keep john graziano in your prayers.'

Bayfront Hospital says they're no longer allowed to give out information about Graziano's condition but Tragos says he is showing steady improvement.

Clearwater police say the crash investigation should be finished within the next week.

Bollea's attorney, Kevin Hayslett, says he does not know why Polaroid is not renewing its contract with his client and that he's not involved in that aspect of the case.