The Nationwide Series will be changing it’s name after the 2014 racing season, as Nationwide Insurance will exit the sport as the title sponsor of the Series.
The company plans to increase its spending in the sport by sponsoring a Sprint Cup team, buying media, cutting track deals and maintaining its position as NASCAR’s official insurer, according to a report by Sports Business Daily.
Nationwide is in it’s sixth, of a seven year contract with NASCAR. According to the report, the title rights and media package cost approximately $8M a year.
Nationwide currently sponsors Ricky Stenhouse Jr. in the Sprint Cup Series and both Danica Patrick, and Dale Earnhardt Jr. are endorsed by the company.
CMO of Nationwide Insurance Matt Jauchius said, “Being a series sponsor was the right thing at that particular time but we see Sundays (for Cup races) as the next step. You’ll see us lean into this even more at the Cup level. … I will spend more money in 2014 and 2015 (in NASCAR) by shifting assets around a bit.”
No title sponsor has been named, but NASCAR says they are starting the search immediately; with it being led by Chief Sales Officer Jim O’Connell.