US racing series Nascar plans to push forward with changes to its sponsorship strategy with the introduction of a tiered partnership system, according to a report from ESPN.
The model, which would see the championship steer away from offering title sponsorship packages, is seeking close to US$20 million each year for top-tier deals on the new tiered strategy, nearly doubling original estimates made by ESPN sources back in June.
As part of the arrangement, the premier series would simply be known as the Nascar Cup Series, rather than the title-sponsored Monster Energy Nascar Cup Series.
Of the package being pitched to prospective partners, US$15 million is said to be focused on assets across the competition and its race venues, while an additional US$5 million is sought through media expenditure.
The new model, which is thought to be similar to that on which the National Collegiate Athletic Association (NCAA) operates, would mark a first for the series, which has struggled in recent times amid a fall in attendances and interest from fans.
The new model would see certain Nascar assets packaged for sponsorship for the first time. Nascar Cup Series title sponsor top-tier partners and television-visible signage could both be part of the model. Additionally, the competition is looking at introducing opportunities for brands with aspects of the series that have never before been monetised or packaged for sponsorship.
In November, Nascar suffered an embarrassing blow, with retail giant Fanatics terminating its ten-year trackside sponsorship deal six years early as a result of dwindling race attendances.