IndyCar, IMS Sponsorships Being Sold Together For The First Time
Hulman & Co., which owns the IndyCar Series and Indianapolis Motor Speedway, is "selling sponsorships that include both the property and facility for the first time," according to Tripp Mickle of SPORTSBUSINESS JOURNAL. The move follows Hulman & Co. CEO Mark Miles' reorganization of the company earlier this year, in which he "brought sales for both the series and the facility into the same division." IndyCar and IMS previously "had independent sales teams that sold separate sponsorships." The first test of the new approach "will be on display as Hulman Motorsports ... searches for a new title sponsor for the IndyCar Series." Miles is "spearheading the effort to replace Izod." The series last year under former CEO Randy Bernard "priced a new title sponsorship at $6 million a year in rights fees and $5 million a year in media." But Miles said that the price of the sponsorship "will be dictated by the mix of IndyCar and IMS assets that a new title sponsor wants." The push to find a title sponsor "coincides with an effort to sell presenting sponsorships during the month of May." Hulman Motorsports is "looking to sell a presenting sponsorship for the entire month or three separate presenting sponsorships" for the three May weekends IndyCar will hold events at IMS. The sales push "coincides with an effort to make the month more compelling." Motorsports marketers "think including IndyCar and IMS assets in sponsorship deals will help brands and Hulman Motorsports" (SPORTSBUSINESS JOURNAL, 10/14 issue).