IndyCar sent out a bulletin in the early evening – they have a major announcement to make tomorrow morning. Though like any major announcement, the details have already leaked.
The Indianapolis Star is reporting that tomorrow’s announcement pertains to who will become the new series sponsor. IZOD, a clothing company, sponsored the series through the last stretch with it’s contract running out at the end of last season.
So who’s the new sponsor? Verizon Communications.
The company has good standings in the business market, ranked 16th in the latest Fortune 500 list based on revenues and profit in 2013. It was also ranked No. 1 in the telecommunication sector in the category of World’s Most Admired Company by Fortune Magazine.
The Sports Business Journal has reported that the deal will last 10 years, being worth approximately $10 million per year. IndyCar is expected to announce formal details tomorrow.
The addition of Verizon as the series sp0nsor shows promise for the series. A lot of people didn’t know IZOD as a company due to the lack of marketing. Verizon, meanwhile, is one of the most well-known companies and has a solid marketing campaign. They have also shown their commitment to the sport through the marketing that they’ve done with Team Penske over the last few years in bringing forth IndyCar Penske’s drivers to the public forefront.
Capitalizing on that with the whole series at a time when competition looks to be at a peak compared to other recent years may be what the series needs to get back to the popularity that it once held before.
On another note, Verizon is expected to continue sponsor Team Penske drivers Will Power and Juan Pablo Montoya this season.
