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rctoyguy
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This from AP - Please give appropriate credit to them....
CHARLOTTE, N.C. (AP) - Nextel has reached a deal to become the
title sponsor of NASCAR's top racing series, according to NASCAR
and team sources.
A NASCAR source, speaking on condition of anonymity, said the
wireless communications giant will be announced as the title
sponsor Thursday at a news conference in New York's Times Square.
Two team sources, also speaking on condition of anonymity, said
NASCAR officials called them Monday to tell them a deal with Nextel
was complete.
NASCAR vice president George Pyne did not immediately return a
call for comment.
Nextel would take over the sponsorship deal that R.J. Reynolds
Tobacco has had since 1972 with the Winston Cup series. It is
estimated that R.J. Reynolds has invested from $30 million to $60
million annually in marketing its top cigarette brand through
NASCAR.
Despite signing a five-year extension to remain the top sponsor
last year, RJR said in February it was giving NASCAR permission to
look for a new sponsor for the Winston Cup series because of the
uncertain business climate in the tobacco industry.
The company also has been limited in how it can use its
sponsorship by the 1998 master settlement of state lawsuits against
the tobacco industry.
Reports surfaced late last week that NASCAR, which had also been
in discussions with at least three other companies, was close to
completing a deal with Nextel.
But NASCAR chairman Bill France Jr. said those reports were
"fundamentally premature."
NASCAR was also believed to be talking to Visa and Coca-Cola,
and McDonald's has admitted interest in sponsoring the racing
series.
Nextel is known among cell phone providers for its
"push-to-talk" feature, which allows people to use their cell
phones like walkie-talkies. The company has 11 million customers,
but is expected to face increased competition as other wireless
providers add similar features to their phones.
RJR's departure will end a 33-year sponsorship relationship with
NASCAR that long has been viewed as a gold standard in sports.
NASCAR has a reputation for ensuring that its sponsors derive value
from the sport, and its fans are famous for their brand loyalty.
(Copyright 2003 by The Associated Press. All Rights Reserved.)
CHARLOTTE, N.C. (AP) - Nextel has reached a deal to become the
title sponsor of NASCAR's top racing series, according to NASCAR
and team sources.
A NASCAR source, speaking on condition of anonymity, said the
wireless communications giant will be announced as the title
sponsor Thursday at a news conference in New York's Times Square.
Two team sources, also speaking on condition of anonymity, said
NASCAR officials called them Monday to tell them a deal with Nextel
was complete.
NASCAR vice president George Pyne did not immediately return a
call for comment.
Nextel would take over the sponsorship deal that R.J. Reynolds
Tobacco has had since 1972 with the Winston Cup series. It is
estimated that R.J. Reynolds has invested from $30 million to $60
million annually in marketing its top cigarette brand through
NASCAR.
Despite signing a five-year extension to remain the top sponsor
last year, RJR said in February it was giving NASCAR permission to
look for a new sponsor for the Winston Cup series because of the
uncertain business climate in the tobacco industry.
The company also has been limited in how it can use its
sponsorship by the 1998 master settlement of state lawsuits against
the tobacco industry.
Reports surfaced late last week that NASCAR, which had also been
in discussions with at least three other companies, was close to
completing a deal with Nextel.
But NASCAR chairman Bill France Jr. said those reports were
"fundamentally premature."
NASCAR was also believed to be talking to Visa and Coca-Cola,
and McDonald's has admitted interest in sponsoring the racing
series.
Nextel is known among cell phone providers for its
"push-to-talk" feature, which allows people to use their cell
phones like walkie-talkies. The company has 11 million customers,
but is expected to face increased competition as other wireless
providers add similar features to their phones.
RJR's departure will end a 33-year sponsorship relationship with
NASCAR that long has been viewed as a gold standard in sports.
NASCAR has a reputation for ensuring that its sponsors derive value
from the sport, and its fans are famous for their brand loyalty.
(Copyright 2003 by The Associated Press. All Rights Reserved.)
