The deal extends the bank’s five-year title sponsorship of NASCAR’s fall Sprint Cup race and also prolongs its partnerships with five tracks owned by Speedway Motorsports Inc. The short-term extension allows the bank to align the terms of its SMI partnerships with its International Speedway Corp. and NASCAR partnerships. As a result, it can negotiate its entire portfolio of NASCAR assets collectively in 2011.
The extension is the first sports marketing deal negotiated by Bank of America’s new global sponsorship marketing executive, Charles Greenstein, since he was named to the position in September.
“This gave us the opportunity to align everything and make it co-terminus," Greenstein said. “It provides me with the opportunity — just stepping into this role — to not make any quick decisions, so that we can assess our relationships long term."
Financial terms of the agreement weren’t available. Race title sponsorships at Charlotte Motor Speedway typically cost between $1.5 million and $3 million per year.
The deal makes Bank of America the official bank at speedways in Charlotte; Fort Worth, Texas; Atlanta; Sonoma, Calif.; and Las Vegas, as well.
SMI Chairman Bruton Smith is known to be a longtime Bank of America customer and previously said that he has a line of credit with the bank.