Details of the 10-year, $35M sponsorship agreement
between NC-based home improvement retailer Lowe's and
Speedway Motorsports's (SMI) Charlotte Motor Speedway were
announced yesterday. In Charlotte, Lore Postman writes that
in addition to track naming rights, Lowe's gets the
"Official Home Improvement Warehouse" designation of SMI's
six tracks. Lowe's Chair & CEO Robert Tillman: "This is
worth millions and millions of dollars to us. Of all sports
marketing, this returns the highest yield." Postman writes
that the deal will give Lowe's "more bang for its buck by
raising the company's profile in its core markets as well as
areas the retailer has targeted for expansion" (CHARLOTTE
OBSERVER, 2/10). SMI Chair Bruton Smith will also market
naming rights to his other five tracks: "This was a great
deal with Lowe's. I think that maybe the next two [naming
rights deals] might be for a higher dollar" (CHARLOTTE
OBSERVER, 2/10). Shares in SMI were up $.37 to close at
$26.12 yesterday, up 1.46% (CHARLOTTE OBSERVER, 2/10).
ON THE FAST TRACKS: GA-based home improvement retailer
and NASCAR sponsor Home Depot was "approached last year by
SMI" about purchasing naming rights at either Atlanta or
Charlotte. Home Depot VP/PR Carol Schumacher: "We've heard
that (SMI) is shopping around all of their tracks" (Mark
Schlabach, CHARLOTTE OBSERVER, 2/10). The WINSTON-SALEM
JOURNAL reports that NASCAR officials "refused to let Lowe's
executives hand out news releases announcing" the name
change (WINSTON-SALEM JOURNAL, 2/10). SMI President Humpy
Wheeler said that SMI tracks in Texas or Atlanta will
"likely be the next" to sell naming rights: "Hopefully,
we'll have at least one in the next three to six months."
(CHARLOTTE OBSERVER, 2/10). Texas Motor Speedway GM Eddie
Gossage said that he's had "discussions with at least one
company" about track naming rights. Gossage: "I think what
happened [yesterday] with Lowe's will open some eyes and
help us get a deal" (DALLAS MORNING NEWS, 2/10).
