News From Terre Haute, Indiana

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March 14, 2014

Verizon new title sponsor for IndyCar

TERRE HAUTE — Verizon will be the new title sponsor for the IndyCar Series, replacing Izod, which left at the end of the 2013 season.

“I think of this day as a game-changer for IndyCar, for the series, for our fans, teams, our drivers. In a real sense, I think it represents a confirmation of the strategies we have put into place and where we intend to take the sport,” Mike Miles CEO of Hulman & Co., parent company of IndyCar, said this morning in a teleconference announcing the sponsorship.

“This is the beginning of the next phase of IndyCar’s growth,” Miles said.

The Sports Business Journal reported that Verizon would commit $10 million a year in rights, activation and media. The length of the deal is 10 years, valued at $100 million.

Verizon will also continue its sponsorship of the Verizon P1 Award, presented to the IndyCar Series pole winner at each race.

The Firestone Grand Prix of St. Petersburg, Fla., kicks off the 18-race season on March 30. The series comes to a road course at the Indianapolis Motor Speeday on May 10 for the Grand Prix of Indianapolis.

Verizon has been an official partner of IndyCar for four years and sponsors the Team Penske car driven by Will Power.

“Innovation has a role on the track, and we expect to be more innovated over time,” Miles said. “It also has a lot to do with how we go to the market and captivate the fans and present the sport in all its depth and excitement to fans, and I cannot imagine a more perfect partner…” Miles said of Verizon.

Brian Angiolet, vice president of marketing communications for Verizon, said the company is evolving into a full technology business, something it can highlight through the IndyCar Series.

“We have had a great relationship as a partner and with the Penske Team. It became the right time for Verizon to step up into this position,” Angiolet said. “Internally, we have been evolving our brand and our position into the marketplace from a mobile- and wireless-centered company into a more of a technology company.

“When you think about the role of technology in IndyCar, it seemed like a great match,” Angiolet said.

Miles said the IndyCar agreement does not impact present sponsors from other wireless companies; however, Verizon will have exclusive rights to sponsorships in the future.

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