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Earlier in the year (1st quarter) Anheuser-Busch who has sponsored NASCAR's #2 series since 1982 announced that they would not renew their contract with NASCAR to sponsor NASCAR's #2 series. NASCAR was asking for more money per year of the multi year extension with Anheuser-Busch. Inside sources were saying that Anheuser-Busch was paying NASCAR about $10-$11 million per year. NASCAR felt that the series was worth around $30 million a year and Anheuser-Busch was not willing to spend that much money. So Busch decided to remove themselves from the series and allocate to money in other places.
Rumored company's looking to sponsor the Busch series were Subway, Wal-Mart, Samsung, McDonald's, and Monster Energy. But none of the these companies were willing to shell out the money that NASCAR was asking for.
NASCAR announced today 10/03/07 that Nationwide Insurance will become the official sponsor of the NASCAR's #2 series starting in 08. The sponsorship is a multi year deal that Nationwide will pay a estimated $12 million a year, "slightly" more than Anheuser Busch was paying.
Per ESPN, NASCAR officials considered going a year without a title sponsor before Nationwide joined the negotiations last month.
Now with Nationwide joining the series it has caused another problem for NASCAR and one of there current "Official sponsors of NASCAR" Allstate is the official insurance company of NASCAR, but this new sponsorship deal will likely require Nationwide to take over that role. Per ESPN "NASCAR officials did not immediately return a call for comment." So now it looks as if Allstate will be not aloud to participate in some parts of NASCAR.
Remember Allstate did nothing wrong and they have paid NASCAR to become the Official Insurance Co and now they might have to leave because of exclusivity, like what has happened with companies around NEXTEL (aka Sprint).
Rumored company's looking to sponsor the Busch series were Subway, Wal-Mart, Samsung, McDonald's, and Monster Energy. But none of the these companies were willing to shell out the money that NASCAR was asking for.
NASCAR announced today 10/03/07 that Nationwide Insurance will become the official sponsor of the NASCAR's #2 series starting in 08. The sponsorship is a multi year deal that Nationwide will pay a estimated $12 million a year, "slightly" more than Anheuser Busch was paying.
Per ESPN, NASCAR officials considered going a year without a title sponsor before Nationwide joined the negotiations last month.
Now with Nationwide joining the series it has caused another problem for NASCAR and one of there current "Official sponsors of NASCAR" Allstate is the official insurance company of NASCAR, but this new sponsorship deal will likely require Nationwide to take over that role. Per ESPN "NASCAR officials did not immediately return a call for comment." So now it looks as if Allstate will be not aloud to participate in some parts of NASCAR.
Remember Allstate did nothing wrong and they have paid NASCAR to become the Official Insurance Co and now they might have to leave because of exclusivity, like what has happened with companies around NEXTEL (aka Sprint).
