IndyCar has a new title sponsor, as they have reached a multi-year agreement with Verizon, the No. 1 telecommunications company in the United States.
Already an "official partner," Verizon replaces Izod, which ended its association with IndyCar at the conclusion of last season. Verizon will debut its sponsorship March 30 in the season-opening Grand Prix of St. Petersburg.
The deal is for 10 years with payments totaling $100 million, according to The Sports Business Journal. That figure includes media activation, coverage upgrades to Indianapolis Motor Speedway, improvements to IndyCar race control equipment and other enhancements.
"Verizon is the perfect partner for us to showcase the high level of innovation and technology that is inherent in our sport," said Mark Miles, CEO, Hulman & Co., the parent of IndyCar and the Indianapolis Motor Speedway. "IndyCar will provide a large audience of tech-savvy consumers who are eager for the latest technology to further enhance their experience."
In a unique arrangement, and unlike what its counterpart Sprint does in NASCAR, Verizon will continue its individual team sponsorship. The company is the primary sponsor for Team Penske and driver Will Power, and will back Juan Pablo Montoya in eight races.