NASCAR: Forbes Report shows NASCAR’s financial health

NASCAR has been rebuilding in the years since 2008, and while it may never reach the levels of popularity it once enjoyed by many measures, it is doing quite well.

One measure that hasn’t been apparent though is how well NASCAR is doing financially.

Recently, however, GlobalData, released The Business of NASCAR 2023, a report by its intelligence center, a copy of which was provided to Forbes. The report provides an analysis of the current business landscape in NASCAR, a peek under the financial hood if you will. It not only shows the sport is doing quite well financially, but some surprises as well.

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In 2008 130 of all Fortune 500 companies were NASCAR sponsors. In 2023, there is a portfolio of 58 deals, led by Sunoco as an official supplier as it has been across all three of the top tier series since 2004: it’s a sponsorship worth $26.25 million annually.

Goodyear Tire & Rubber company ranks as the second largest partner in the NASCAR portfolio, supplying all teams in the top three with tires for the 2023 season and serving as the title sponsor for the Goodyear 400 race in Darlington, in a deal worth an annual $25 million.

The largest sponsor is Xfinity, which invests $35 million annually.

Xfinity appears twice in the portfolio, the first being a 10 year $20 million a year deal which Xfinity serves as the title sponsor of NASCAR’s second series and a second deal worth $15 million a year as estimated by GlobalData where Xfinity serves as one of NASCAR’s Premier Partners alongside Coca-Cola , Busch Light, and GEICO. The three other Premier Partnerships are valued at $15 million each.

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When to comes to the 16 teams that compete in the top-tier Cup series there have been quite a few changes since 2009.

In 2009 there were 10 teams with Hendrick Motorsports leading the way with an estimated $195 million in revenue.

Team Penske is on top of the 2023 rankings with 38 sponsors with an estimated annual sponsorship revenue of $140.94 million, which also includes crossover deals with Roger Penske’s IndyCar team. Hendrick is now fourth with five sponsors and an estimated sponsorship revenue of $92.67 million.

More at Forbes.