Following a week of speculation, Nextel Communications Inc. said it has signed a 10-year agreement to become the title sponsor of the National Association for Stock Car Auto Racing’s national series beginning next year. The series, which is currently known as the Winston Cup series, will be renamed The NASCAR Nextel Cup Series.
The series, which has been sponsored by RJ Reynolds’ Winston brand since 1971, consists of 36 races at 23 tracks in 19 states, including events in Chicago, Los Angeles, Dallas and Miami. NASCAR noted that it’s the second most watched professional sport on television and has more Fortune 500 company sponsor participants than any other sport.
“It’s unmistakable that NASCAR and Nextel have a shared passion for performance, innovation, loyalty and excellence,” said Tim Donahue, president and chief executive officer of Nextel. “We can’t wait to begin this new chapter in NASCAR-Nextel history and to connect with everyone involved in the sport. This is truly a monumental day for us.”
While financial terms of the deal were not released, reports said the deal could be worth between $60 million and $100 million per year and rank among the most lucrative in all of sports.
“We’re already hard at work planning a full slate of technical, marketing and promotional plans to establish a relationship with NASCAR’s passionate fan base and dedicated business partners,” Donahue added.
