- Xfinity’s title sponsorship deal for second-tier series worth US$200m over ten years
- Klutch represents IndyCar driver Josef Newgarden and NBA icon LeBron James
Nascar is targeting a title sponsorship deal worth US$15 million annually for its second-tier series, according to Sports Business Journal (SBJ), a decrease of US$5m from its existing deal with Xfinity.
Xfinity has sponsored the circuit since 2015 but has confirmed it will not renew its naming rights deal at the end of this season. The Comcast-owned telco will, however, remain as a premier partner of Nascar, with an extension agreed earlier this year.
SBJ reports that Nascar is targeting a new deal worth US$10 million annually from rights fees, plus a mid seven-figure commitment to activation, which would take a brand’s spend to around US$15 million per year.
Xfinity’s deal with Nascar for the second-tier series was previously reported by SBJ to be worth US$200 million over ten years, equating to US$20 million annually.
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The stock car series confirmed to SBJ that it had brought on Klutch Sports Group as its exclusive sales agency for the title sponsorship, with initial discussions with brands already taking place.
Nascar chief commercial officer Craig Stimmel told SBJ Nascar had noticed Klutch’s increasing activity in motorsports, including signing up IndyCar driver Josef Newgarden.
This marks an elevated role for Klutch, which previously had worked with Nascar on merchandise collaborations and helping to bring influencers to races. The agency, founded by LeBron James’ long-time agent Rich Paul, represents a number of stars across the National Basketball Association (NBA), including Anthony Davis and Draymond Green, and across the National Football League (NFL), such as Jalen Hurts and Myles Garrett.
As well as searching for a new title partner for its second-tier series, Nascar is also looking to add another premier partner, following the departure of Geico last year. Its other premier partners aside from Xfinity are Coca-Cola and Busch Light.
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