North American motor-racing series IndyCar has extended its deal with Japanese automotive firm Honda, a key partner of the organisation.
According to the Indianapolis Business Journal newspaper, the deal will run until the end of 2017 with an option to extend until the end of 2020. Financial terms of the agreement were not disclosed, but Honda is estimated to spend as much as $5m (€4.6m) annually to promote the series and its relationship with it.
Honda will remain as an engine supplier to the series having collected 217 IndyCar race wins in more than two decades in the role, including 10 manufacturers’ championships and six years when it served as sole supplier to the IndyCar Series. In addition, it has scored 10 victories in the Indianapolis 500 Mile Race.
Honda will be in competition with Chevrolet for the fifth consecutive season in 2016, with both manufacturers producing 2.2-litre, twin-turbocharged V6 engines.
As part of the deal, Honda will continue to serve as the title sponsor of the Indy Grand Prix of Alabama, Indy 200 and Indy Toronto events.
Mark Miles, chief executive of IndyCar’s parent company Hulman & Co., said: “Racing is a part of Honda’s DNA and its continued investment in the Verizon IndyCar series – technically on the competition side, but also through sponsoring of events and additional activation – is instrumental to the success and continued growth of our sport.”
The 2016 IndyCar season gets underway with the Grand Prix of St. Petersburg in Florida on March 13.