Officials from the Indy Racing League announced on Thursday that Izod, a clothing division of Phillips-Van Heusen Corporation, will serve as the IndyCar Series’ title sponsor, beginning in 2010.
Izod will become the series’ first title sponsor since 2001. Financial terms of the six-year agreement were not disclosed, but the deal is reported to be $10 million per year.
“Our relationship with the Izod brand has been on the fast track since they day we began our partnership in 2008, and we are thrilled they have taken a bigger and more vital role in our sport,” said Terry Angstadt, president of the commercial division for the Indy Racing League. MiamiHerald.com
Brian Barnhart, president of the Indy Racing League, called Izod the league’s first legitimate title sponsor. Jeff Belskus, CEO of the Indianapolis Motor Speedway, called it “one of the most significant announcements in the history of the IndyCar series.”
“Today, we’re taking our partnership to a new level,” Belskus said.
The agreement comes at a time when many companies are trimming advertising budgets. Izod became the IRL’s apparel sponsor IRL in 2008 and sponsored driver Ryan Hunter-Reay. He won at Watkins Glen in July 2008 to give Izod its first taste of victory.
“On that day, we saw nothing but growth and opportunity in the league,” Kelly said. “What goes on here is absolutely amazing.”
The deal includes programs and brand-building efforts designed to attract fans beyond the IRL’s traditional audience.
“Anybody who was around in ‘09 saw that as a brand, we were committed, even as the apparel sponsor, in our activation,” Kelly said. “What we spent ... was certainly well into the millions.”
Hunter-Reay said the move gives the league stability and visibility. The Associated Press
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