Posted on October 3rd, 2007 at 8:46 am by Editor
NASCAR was finalizing a deal Tuesday night with Nationwide Insurance to sponsor its No. 2 series beginning in 2008, The Associated Press reports. 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. Allstate is the official insurance company of NASCAR, but this new sponsorship deal will likely require Nationwide to take over that role.
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