NASCAR Sets Terms For Title Sponsorship to replacement

NASCAR is asking $12-15M per year "for title sponsorship of its secondary series," which has been held by Nationwide Insurance since '08, according to Mickle & Lefton of SPORTSBUSINESS JOURNAL. NASCAR's asking price is "a minimum 20 percent increase" above the $10M fee that Nationwide now pays. The insurer is "dropping the title sponsorship" after the '14 season. In addition to the rights fee, NASCAR execs are "telling potential buyers they want a 10-year deal that includes a media commitment" of more than $10M "and an activation commitment" of more than $10M, putting the overall annual spend at more than $30M. NASCAR Chief Sales Officer Jim O’Connell, who sold the Nationwide deal in '07, is "spearheading the sales effort." SPORTSBUSINESS JOURNAL