Nationwide To Be New NASCAR Sponsor?

[kat2220]

Nationwide in final stages to sponsor NASCAR series
Nationwide is moving into the final stages of negotiations to replace Anheuser-Busch's Busch beer as title sponsor of NASCAR's No. 2 series, sources are telling Street & Smith's SportsBusiness Daily.

Michael Smith of Street & Smith's SportsBusiness Journal this morning reported in the Daily that Nationwide submitted an offer last Thursday, as did Subway, the sandwich franchise operation that had been considered the frontrunner.

Nationwide's talks with NASCAR progressed over the weekend, the story said, and a contract proposal is believed to be in the legal pipeline at Nationwide.

Officials at NASCAR say that it does not have a deal with a new sponsor, but sources say an agreement with Nationwide could be finalized in the coming days.

Nationwide is the official insurance of Speedway Motorsports Inc. tracks.

 

[BobbyFord]

The Nationwide Series, huh?
Hmm....

 

[Digger]

BULLETIN: Nationwide to replace Busch as the title sponsor of 2nd tier NASCAR series.

By JENNA FRYER
AP Auto Racing Writer

NEW YORK — NASCAR was finalizing a deal Tuesday night with Nationwide Insurance to sponsor its No. 2 series beginning in 2008, The Associated Press has learned.

Nationwide will replace Anheuser-Busch, which has sponsored the second-tier Busch Series for 26 seasons but said earlier this year it would end its entitlement deal at the conclusion of this season.

The deal with Nationwide is estimated to be seven years at $10 million a year, according to a person familiar with the negotiations who requested anonymity because the deal had yet to be completed. A-B was paying roughly the same amount, and NASCAR initially had sought an increase in the price of the series.

But despite a flurry of early suitors, NASCAR was unable to secure sponsorship in a search that has stretched nearly 10 months. A deal with Subway appeared to be imminent in August, but never materialized.

That opened the door for Nationwide, which presented an offer late last week. Subway also re-entered the picture, but NASCAR instead moved ahead on Nationwide's offer.

NASCAR officials did not immediately return a call for comment.

In January, Nationwide signed a four-year extension with Speedway Motorsports Inc., owner of six NASCAR tracks. The deal called for the insurance company to build fan zone areas at several of SMI properties.

Now, as title sponsor of a series, Nationwide is expected to reach a similar deal with International Speedway Corp. ISC currently has a contract that lists AAA Insurance as the "Official Auto Club" of its 11 tracks.

ISC is the publicly traded sister company of NASCAR, and both are owned by the France family.

It's not clear if Nationwide will be required to meet advertising requirements with ESPN, which is in the first year of an eight-year contract to exclusively broadcast the Busch Series. ESPN worked with NASCAR to find a new sponsor for the series, and it was believed that the advertising requirement held up talks with several companies.

It's also not clear what Nationwide will call the series, which has been the Busch Series since A-B took over as title sponsor for what was first known as Late Model Sportsman and later the Grand National Series.

Copyright 2007 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

[Digger]

They should use: "NASCAR Nationwide Racing Series"

 

[kat2220]

Nationwide in final stages to sponsor 'Busch' Series UPDATE: Nationwide is moving into the final stages of negotiations to replace Anheuser-Busch's Busch beer as title sponsor of NASCAR's #2 series, sources are telling Street & Smith's SportsBusiness Daily. Michael Smith of Street & Smith's SportsBusiness Journal this morning reported in the Daily that Nationwide submitted an offer last Thursday, as did Subway, the sandwich franchise operation that had been considered the frontrunner. Nationwide's talks with NASCAR progressed over the weekend, the story said, and a contract proposal is believed to be in the legal pipeline at Nationwide. Officials at NASCAR say that it does not have a deal with a new sponsor, but sources say an agreement with Nationwide could be finalized in the coming days. (SceneDaily.com)(10-2-2007) UPDATE: Nationwide Insurance will become the new title sponsor of the NASCAR Busch Series in 2008, sources close to the negotiations confirmed Tuesday. An official announcement is expected Wednesday. Nationwide will pay an estimated $12 million per season for a multiyear deal, slightly more than Anheuser Busch was paying. NASCAR officials considered going a year without a title sponsor before Nationwide joined the negotiations last month. (ESPN.com) AND Allstate is the official insurance company of NASCAR, but this new sponsorship deal will likely require Nationwide to take over that role. NASCAR officials did not immediately return a call for comment. It's also not clear what Nationwide will call the series, which has been the Busch Series since A-B took over as title sponsor for what was first known as Late Model Sportsman and later the Grand National Series. (AP)