Sherwin-Williams earlier this year "quietly struck a joint deal with IndyCar and Indianapolis Motor Speedway," according to Adam Stern in this week's SPORTSBUSINESS JOURNAL. Sources said that the two-year agreement "includes significant value-in-kind." Sherwin-Williams "becomes the official paint of both IndyCar and IMS," which is undergoing a $30M renovation ahead of next year’s 100th running of the Indianapolis 500. Sherwin-Williams "will supply the paint used on the refurbishment." The company also becomes the "automotive-finish supplier for all IndyCar teams that didn’t have a previous official paint supplier -- so in this case all but Team Penske, which has a long-running deal with rival PPG Industries." Sherwin-Williams "also gets signage and hospitality assets as part of the deal and has started hosting clients and other guests at various races this season." The deal "significantly expands Sherwin-Williams’ motorsports portfolio, which already featured an official NASCAR sponsorship that is valued in the low to mid-seven figures annually and was extended earlier this year for three years" (SPORTSBUSINESS JOURNAL, 7/27 issue).
