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Sprint's NASCAR Sponsorship – $70M Per Year – on Final Lap

Image: Sprint's NASCAR Sponsorship – $70M Per Year – on Final Lap
(Eric Canha/CSM/Landov, file)

By    |   Wednesday, 17 Dec 2014 09:02 AM

Sprint's NASCAR sponsorship for the Cup Series will not be renewed when it expires in 2016, leaving the race association in need of a national backer.

"Sprint has long benefited from the unprecedented level of brand integration available in NASCAR, and the passionate fan base that is the most loyal in sports," Steve Gaffney, vice president of marketing for Sprint, said Tuesday statement, USA Today reported.

"Without question, the NASCAR sponsorship property has been a valuable investment for us and will be for our successor."

Nextel has been the sponsor of the Cup Series since 2004, but changed the name to Sprint in 2008 following the company's acquisition.

NASCAR recently signed a 10-year, $8.2 billion television deal with NBC and Fox, but is faced with declines in ratings and in-person attendance. The Sprint/Nextel deal was valued at an estimated $70 million a year, and making up that cash will be key to the long-term strategy of the business. Sprint itself has been struggling since 2007, and has been losing customers to rivals like Verizon and T-Mobile.

As Sprint's sponsorship sunsets, however, two more brands have joined the ranks of NASCAR supporters, NBC Sports reported.

Camping World just signed a seven-year extension of its Truck Series sponsorship in May, and Comcast’s XFINITY brand signed a 10-year agreement to replace Nationwide Insurance as lead sponsor of the NASCAR Nationwide Series — which will likely get a name change in 2015.

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Sprint's NASCAR sponsorship for the Cup Series will not be renewed when it expires in 2016, leaving the race association in need of a national backer.
sprint, nascar, sponsorship, final, lap
239
2014-02-17
Wednesday, 17 Dec 2014 09:02 AM
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