Added Race, New Sponsors To Boost Revenue At Detroit's Belle Isle Grand Prix
The addition of a "second IndyCar Series race for next weekend's Chevrolet Detroit Belle Isle Grand Prix is predicted by organizers to fuel up to a 10 percent increase in the event's total revenue," according to Bill Shea of CRAIN'S DETROIT BUSINESS. Belle Isle Grand Prix Chair Bud Denker said that corporate sponsorships will "generate millions more in revenue and have increased" 10% over last year. New sponsors "paying for exposure to car enthusiasts and race fans include watchmaker Shinola and vehicle sales sites Cars.com and Autotrader.com." Denker said that Quicken Loans is "upping its financial sponsorship commitment." Shea noted the "main draw for fans and sponsors are the two afternoon Izod IndyCar Series races, one of which will be run each on Saturday and Sunday -- giving corporate sponsors options for clients." A "significant race revenue boost comes from the introduction of 'double-decker' trackside rental chalets." Denker said that 10 companies have "each rented $135,000 two-story chalets that seat 75 people and were used during last year's Summer Olympics in London." That "alone is an estimated" $1.35M in revenue. Denker expects the new chalets to "entice other sponsors to want them next year." The "traditional single-story, 50-person chalets along the paddock rent for $60,000; the riverside chalets $84,000; and the rest $100,000." Denker said that "all 51 chalets have been leased for the weekend, which is six or seven more chalets than 2012" (CRAIN'S DETROIT BUSINESS, 5/26 issue).
CHEVY ON A ROLL: In Detroit, Doug Guthrie writes Chevy enters the event "riding record sales and hungry for a racing win in its hometown." GM "helped bring racing back to Belle Isle last year as a celebration of its return to competitiveness in showrooms." Chevy won the IndyCar series championship last year, but "nothing is remembered more clearly in the highest offices of the Renaissance Center than the two most bitter losses of the season: the 2012 Indianapolis 500 and the hometown race at Belle Isle." Some of that "pain was eased Sunday" with Tony Kanaan's win in the Indianapolis 500 (DETROIT NEWS, 5/29).