Verizon to become IndyCar title sponsor (4th Update)
03/13/14
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| Will Power will continue to carry Verizon livery |
This rumor will be updated to 'fact' on Friday when IndyCar announces at a scheduled news conference that Verizon Communications, who is ranked 16th in the latest Fortune 500 list based on revenues and profit in 2013 will become the IndyCar title sponsor. It was ranked No. 1 in the telecommunication sector in the category of World’s Most Admired Company by Fortune Magazine.
The deal is said to be worth about $10 million per year.
The Sports Business Journal reported the deal would be for 10 years.
Verizon will also sponsor the cars of Will Power and Juan Montoya.
03/10/14 "I can say we are close to signing and announcing a new title sponsor for the IndyCar Series that could be announced within the next couple of weeks," Miles told RACER.
RACER has learned the series has rectified this problem in the contract with its new title sponsor, which includes specific language and obligations that will require significant advertising expenditures to be made on an annual basis.
Coupled with a new sponsor for the series that will promote its involvement, Miles sees a wave of momentum building for IndyCar.
"We're building a great bullpen with Chevy, Honda, Firestone, a new title sponsor, and all of the companies and corporations that are active in promoting our teams, our drivers, and our series," he said. "We still have a lot of work to do, but I like the progress I'm seeing."
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| Will Power celebrates his victory last season at Fontana in his trademark #12 Verizon car. Appears the telecommunications giant may be increasing their involvement in IndyCar. |
03/07/14 In this Sports Business Daily article, Tripp Mickle reports that Verizon is nearing a deal to replace Izod as title sponsor of the IndyCar Series. Apparently, central to the deal is Verizon's plans to activate promotional efforts of the series to the tune of around $5 million annually.
If true, this could be a game-changer for the series. Considering Verizon is a consumer brand with a technological component, they could be an ideal partner for the series. We imagine there will be clarification on this long-reported deal soon.
AR1 Staff
02/05/14 Hulman & Co. CEO Mark Miles is "very confident he can land a title sponsor" for the IndyCar Series by its season-opening race on March 30, according to Anthony Schoettle of the INDIANAPOLIS BUSINESS JOURNAL.
Miles said that he is "'having serious conversations' with several big-name companies about being title sponsor or some other type of official series sponsor." He said, "Any of the organizations we’re talking to would be instantly recognizable and have substantial advertising budgets."
Sources said that Verizon is "taking a serious look at stepping up its IndyCar sponsorship, and perhaps considering becoming title sponsor." Miles: "(Sponsors') ability to help us grow the sport, project the brand and enhance our fan experience is the highest priority. The rights fee is secondary to that." Schoettle noted Miles has "taken some heat for not doing enough not only to develop new stars, but also failing to promote the drivers the series has."
Miles "insists that’s about to change." He said that IndyCar, which has not turned a profit since its '96 inception, "plans to work with teams and drivers to formulate a 'brand plan for each driver' that maps out how a driver should 'be put forward by broadcasters, sponsors and other stakeholders.'" IndyCar CMO C.J. O’Donnell admitted that Indianapolis Motor Speedway and the IndyCar Series "have been hurt by 'an inconsistent strategy in bringing our drivers forward.'" He added that "constant turnover" in the marketing department has "added to the problem."
Former IndyCar and F1 driver Derek Daly "doesn't think any approach will work unless it has the mission of developing 'American stars' as a centerpiece." Daly "knocks team owners, especially the [richest] ones, for not doing enough to help develop potential American stars." IBJ.com