IndyCar title sponsor to be announced November 5th UPDATE #2 This rumor is upgraded to 'fact' based on yesterday's announcement.
11/03/09 The IndyCar Series' choice for a title sponsor -- Izod -- was hailed Monday for what it's not.
It's not an oil company.
It's not a fuel company.
It's not a tire company.
"It's lifestyle, it's trendy, it's fashion, and as you go down the list it's about as good as you could get," said Zak Brown, who owns and leads Zionsville-based Just Marketing, which sells sports sponsorship packages.
The Izod IndyCar Series will formally be announced Thursday at Indianapolis Motor Speedway. Financial terms of the deal are not expected to be announced, but Brown said the asking price was $10 million a year for at least five years, a figure that will be divided among the series, its television partners and Izod's advertising and marketing campaigns.
Brown believes having an automotive company as IndyCar's overall sponsor and biggest promoter wouldn't have taken the series beyond its fan base.
"You're talking to the same audience (that exists)," he said.
IndyCar has not had a title sponsor since Northern Light, an Internet search engine that didn't have a mainstream audience, left in 2002. Pep Boys, a regional automotive chain, was the Indy Racing League's only other title sponsor.
Izod began its involvement with IndyCar through its relationship with driver Ryan Hunter-Reay. The company displayed his likeness in New York's Times Square in July 2008 and used him in a TV commercial.
An IndyCar official said Monday that Izod will focus its campaign on the speed of the cars. Indy Star10/31/09 The IRL has setup a special event/announcement for November 5th at the Indianapolis Motor Speedway. For months it has been rumored that IZOD would become the title sponsor for the Indy Racing League to the tune of $10 million a year. Recall that Ryan Hunter-Reay brought IZOD into the series and it is believed he will still be backed by IZOD. Look for Hunter-Reay in a full-time ride in 2010.
The rumored ocean front street race in Rio de Janeiro may also be announced at that time.