It costs a lot of money to go racing. It also costs a lot of money to sponsor NASCAR.
According to the Sports Business Journal, NASCAR is seeking $1 billion from it’s next title sponsor over a ten year period.
The sanctioning body has hit the market for Sprint’s replacement with a price tag of $45 million to $50 million annually in rights fees and the same in activation over a decade, according to sources. Sprint confirmed in December that it would end its 13-year sponsorship of NASCAR’s top series after the 2016 season.
NASCAR declined to comment for this story.The asking price represents a 33 percent increase from the original deal, which was signed in 2004 with Nextel for a reported $750 million over 10 years before Sprint and Nextel merged. Amid struggling TV ratings and attendance for NASCAR at the time, Sprint negotiated that down to approximately $50 million annually when it signed a three-year extension in 2011, according to sources.
Thus far there have been scant reports as to who could become the next title sponsor of the series when Sprint leaves after the 2016 season.
While NASCAR may be asking for more money than Sprint is currently paying them, its very likely the inflated number is to allow themselves work to work down to the demands of their next title sponsor.
