OHIO-BASED TYRE and rubber company Goodyear has renewed its sponsorship deal with NASCAR for a further five years to see the agreement between the two American institutions through 2017.
The previous contract, valued by Frontiers at $50m over five years, was due to expire in February 2012 and the new deal will extend the partnership between the two parties to over sixty years having originally been forged in the 1950s.
The renewed agreement is likely to see Goodyear paying between $12m and $15m per year, representing an uplift of around twenty per cent in sponsorship revenue, with the tyre manufacturer retaining its status as the "Exclusive Tyre Supplier" of NASCAR's Sprint Cup Series, the
NASCAR Nationwide Series and the NASCAR Camping World Truck Series – a position it has held since 1997.
"Not only are Goodyear experts in tyre performance, but they are also a brand that understands how to effectively engage and connect with our fans through creative activation," said Jim O'Connell, NASCAR's chief sales officer.
As part of their activation and further commitment to the sport, Goodyear’s relationship with NASCAR extends beyond the track with its Goodyear Racing & Diversity Program. The multi-phased initiative exposes high school students to the world of NASCAR and the career opportunities it can offer.
As a point of reference Firestone, a subsidiary of Bridgestone Tires, is the official supplier to the IndyCar Izod series in a current two-year deal which runs through 2013.
According to the Frontiers database, the sponsorship agreement is worth $7.4m per year, approximately half the annual value of Goodyear’s agreement with NASCAR deal and indeed a reflection of NASCAR’s superiority in US motorsport.