Speedway Gains Two More Sponsorship Agreements

Speedway has announced two partnerships agreements. Auto insurance company Geico has signed a deal to title sponsor Chicagoland Speedway’s Sprint Cup Series race, while Affliction Clothing has added two more races of primary sponsorship to the 2011 schedule.

Geico’s deal, lasting for the next three years, also includes the naming-rights for the first race in the Chase for the Nascar Sprint Cup and is believed to be worth US$1m per year. The agreement will see the company, which already sponsors the No. 13 Toyota of Casey Mears in the Sprint Cup Series, pay less this year and more in the following two years.

Geico is the leading sports spender in the insurance industry, having increased its sports sponsorship spending by thirty percent in 2010 to US$216m.

Chicagoland president Scott Paddock said: “We’ve had a history of B2B title partners, and we’re excited to have a consumer partner.

“We’re excited about their history and commitment to activation. The media and promotional support of this is going to be outstanding. They understand the opportunity this platform provides for them and are putting a very attractive amount of resources behind it.”

Elsewhere, California-based Affliction Clothing will serve as the primary sponsor for the number 17 car in the Sprint Cup Series race weekends in July at Daytona International Speedway and at New Hampshire Motor Speedway.

While financial terms were not released, sponsors typically pay US$500,000 per race.

Tom Atencio, vice president of entertainment and sports marketing for Affliction Clothing, said: “We enjoyed Matt’s performance at both of our sponsored races and are looking forward to watching Matt race the No.17 Affliction Ford at Daytona.”