A Damp (And Oily) Squib

One final twist in the ludicrous “Hamilton in a Mercedes racing a man on a bicycle” event at this year’s Race of Champions…
It didn’t happen due to the track being a bit damp and oily.
Who could possibly have predicted that an open-air motorsports event in the middle of December might lead to a damp and oily track?

Is ‘publicity stunt’ rhyming slang?