NASCAR Sets Terms For Title Sponsorship Of Secondary Series At $12-15M Annually
NASCAR is asking $12-15M per year "for title sponsorship of its secondary series," which has been held by Nationwide Insurance since '08, according to Mickle & Lefton of SPORTSBUSINESS JOURNAL. NASCAR's asking price is "a minimum 20 percent increase" above the $10M fee that Nationwide now pays. The insurer is "dropping the title sponsorship" after the '14 season. In addition to the rights fee, NASCAR execs are "telling potential buyers they want a 10-year deal that includes a media commitment" of more than $10M "and an activation commitment" of more than $10M, putting the overall annual spend at more than $30M. NASCAR Chief Sales Officer Jim O’Connell, who sold the Nationwide deal in '07, is "spearheading the sales effort" (SPORTSBUSINESS JOURNAL, 11/18 issue). In Charlotte, Jim Utter wrote NASCAR's secondary series is "receiving high interest" for the entitlement sponsorship, "including several familiar companies already involved in the sport." Sources said that the last time the series' entitlement was up for grabs, "Subway, KFC and Dunkin' Donuts were all companies involved." Sources also noted that among those expressing interest this time are "new brands in specific categories that cater to NASCAR's target demographics," such as auto parts, QSRs and tech/innovation companies (CHARLOTTEOBSERVER.com, 11/17).