Wal-Mart Inks Non-Exclusive Licensing Agreement With NASCAR
NASCAR has signed a non-exclusive licensing agreement with Wal-Mart that will enable the world's largest retailer to make apparel, home goods and other products bearing NASCAR, driver and team marks and imagery. The deal, which is expected to be announced today, is Wal-Mart's first licensing agreement with a major sports property. NASCAR and Wal-Mart agreed to a three-year deal with options for an extension. Wal-Mart will pay a licensing royalty, but terms of that royalty were not available.
Wal-Mart plans to support its licensing agreement over the next two weeks with a special "Race Time" promotion that begins today in more than 1,500 stores nationwide. The "Race Time" promotion will feature nearly a dozen of NASCAR's sponsors such as Coca-Cola, Mars and Miller-Coors in a specially branded area of the store.