Sears to renew with Truck series

UPDATE This rumor is upgraded to 'fact.' Sears has inked a five-year extension of its title sponsorship with NASCAR’s Craftsman Truck Series, keeping the brand “as the only name the 10-year-old racing circuit has had," according to sources cited by Larry DiTore of BLOOMBERG NEWS. The agreement is effective through 2010. IEG Sponsorship Report Senior Editor William Chipps estimated the value of the pact at $4M per year. Nextel pays around $70M annually for its title deal with NASCAR’s top series. DiTore reports that under the deal, Sears “will increase its national and local advertising of the Craftsman Series." Sears will also use its affiliation with Kmart “to promote its involvement in" NASCAR Bloomberg News 05/26/05 It is expected that Sears today will announce a five-year extension of its sponsorship with the NASCAR Craftsman Truck Series, through 2010. IEG Sponsorship Report Senior Editor William Chipps estimated the deal’s value at $4M per year. Under the agreement, Sears “will increase its national and local advertising" of the series, and leverage its affiliation with Kmart “to promote its involvement" with NASCAR Bloomberg News [Editor's Note: Champ Car and the IRL could use sponsors that do this sort of promotion of the series.]