Telecommunication provider Verizon Wireless has agreed a deal to become the new title sponsor of the IndyCar motor racing series, according to the Indianapolis Business Journal.
The newspaper said the deal with the US series is worth $10m (€7.2m) per season over a five-year period, with an option to extend for a further five years.
IndyCar’s 2014 season begins on March 30 and it is on the lookout for a new title sponsor after fashion brand Izod ended a three-year run in the position at the end of 2013.
Verizon Wireless has an established association with the IndyCar Series and became a sponsor of Team Penske in 2009.