KFC Drops Consideration of Sponsoring Nascar Series
04/05/2007 |
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KFC Corp. dropped out of contention to put its name atop Nascar's second-tier stock car racing series.
The sponsorship doesn't match the Louisville, Kentucky- based fried-chicken restaurant chain's spending priorities for the next few years, KFC spokesman Rick Maynard said.
``After a thorough review, we decided not to pursue our title sponsorship,'' he said.
The withdrawal by the Yum! Brands Inc. unit leaves closely held Subway Restaurants as the front-runner for the naming rights. KFC will keep advertising on Nascar broadcasts and retain other ties to the racing series, Maynard said.
Subway spokesman Mack Bridenbaker said the company is continuing negotiations with Nascar and declined to give details. Steve Phelps, Nascar's chief marketing officer, said the hunt for a new title sponsor ``is proceeding exactly as desired.''
``As we move forward with the selection process, it is only natural that the field will narrow,'' Phelps said in an e-mail.
The series generates about $200 million in exposure for the title sponsor's brand annually, Phelps said. Nascar has had interest from several multinational companies, the marketing chief added.
Brewer Anheuser-Bush Cos. is dropping its sponsorship of what is now known as the Busch Series at the end of this season after 25 years. The deal to sponsor the circuit is expected to cost the title sponsor $30 million a year, the SportsBusiness Journal reported April 30.
(Source: Bloomberg.com)
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