Nationwide to sponsor top NASCAR racing series
04/10/2007 |
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Nationwide Insurance will become the new title sponsor of a top NASCAR racing series, replacing previous sponsor Anheuser-Busch, the National Association for Stock Car Auto Racing said on Wednesday.
Previously known as the NASCAR Busch Series, the name will switch to the NASCAR Nationwide Series starting in 2008 under the seven year agreement. It will be NASCAR's No. 2 racing league, with events broadcast on Walt Disney Co's ABC and ESPN2 television channels.
A source familiar with the agreement valued the deal at $25 million a year, including rights fees, advertising and promotional commitments and other media obligations.
Sprint Nextel Corp pays an estimated $75 million a year to be title sponsor of top NASCAR racing series Nextel Cup, which includes such well known drivers as Dale Earnhardt Jr. and Jeff Gordon.
"We are thrilled that we had the opportunity to select a partner in Nationwide Insurance who is as excited as NASCAR about taking the NASCAR Nationwide Series to even higher levels of popularity," NASCAR Chairman and Chief Executive Brian France said in a statement.
Unlike some U.S. sports leagues, NASCAR boasts rising television ratings, as well as a fast-growing, highly loyal fan base. It signed a $4.48 billion, eight-year TV deal in 2006.
Nationwide estimates it will generate about $200 million worth of annual television exposure through its sponsorship, which will feature its brand at events on 26 tracks across North America.
Anheuser-Busch has been pursuing different marketing opportunities for its Busch brand, while focusing its racing efforts on the Budweiser brand.
"We've enjoyed being title sponsor of the NASCAR Busch Series for more than a quarter century," an Anheuser-Busch spokesman said. "We wish NASCAR and Nationwide success in their new partnership."
(Source: Reuters)
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