|IndyCar Searching for New Title Sponsor to Replace Izod|
Tuesday, 12 June 2012 14:14
The IndyCar motoring series is already on the hunt for a new title sponsor even though their current title sponsor, IZOD, still has three years running on its contract.
IndyCar executives have approached current series sponsors and brands about becoming the presenting sponsor of the series in a deal that would make them title sponsor at an undetermined date. The series’ top executives have approached Verizon and Firestone, two of its existing partners, and one company outside its collection of sponsors with the proposal.
“What we’ve given them is a presenting [sponsorship] that rolls into a title,” IndyCar CEO Randy Bernard said. “I’d like to see us have a presenting sponsor by next year.”
Izod deal may not be renewed following an executive change at Izod parent company Phillips-Van Heusen Corp. Longtime President and Chief Operating Officer Allen Sirkin, who championed the IndyCar deal, is retiring. Sources familiar with the company say his replacement as chief operating officer, PVH Chief Financial Officer Michael Shaffer, has been less enthusiastic about the more than $60 million deal Izod signed in 2009.
Izod is in the third year of a six-year agreement that included two options for two-year extensions that would take the deal through 2020.