IndyCar on Friday formally announced that Verizon has signed on to become the new title sponsor of the IndyCar Series. The telecommunications company will continue to sponsor the award given to the pole winner at each race. The '14 Verizon IndyCar Series begins March 30 in St. Petersburg. Terms of the deal were not officially discussed, but SportsBusiness Journal last week reported Verizon would sign a
10-year deal worth $10M annually (
THE DAILY). In Indianapolis, Curt Cavin cites a source as saying that the Verizon deal "includes a significant promotional commitment." That is something IndyCar "desperately needs." Cavin: "The beauty of this is that everyone knows Verizon, and millions have its phones in their hands every day. This is not an apparel company that some people choose to wear, it's not an Internet search engine or an auto parts retailer -- companies that once were title sponsors of IndyCar. This is a communications giant, and it's clear Verizon knows how to promote its products." He adds there likely will be a "ripple effect" from Verizon coming on board, as "other companies will be more likely to join a sports organization that has such a strong primary backer" (
INDYSTAR.com, 3/14).
