Nationwide Insurance has bumped Anheuser-Busch as title sponsor of the NASCAR Nationwide Series in a seven-year deal reportedly valued at $12 million a year.
Nationwide also becomes official auto, home and life insurer of NASCAR in a pact that gives it exclusive rights to tie its brand to NASCAR when the series commences next year. The newly named NASCAR Nationwide Series—formerly called the Busch series—includes 35 races at 26 tracks in North America.
Anheuser-Busch had been a title sponsor for more than 20 years. NASCAR had sought to up the ante on the $10 million to $12 million Anheuser-Busch had spent for the title sponsorship in recent years. But the dollars in the deal remain fairly constant.
“What really was appealing was the competitive nature of the series,” said James Lyski, chief marketing officer for Nationwide, who also cited NASCAR’s “strong and loyal fan base” as a motivation to bid for the title sponsorship.
The racing series is carried on ESPN2 and ABC.
Nationwide figures annual media exposure through the sponsorship will be worth approximately $200 million annually. The company also holds a PGA Tour sponsorship through 2012.
Wasserman Media Group brokered the deal for Nationwide, which has been a long-time NASCAR event sponsor. It is one of four major insurers with sponsorship ties to the sport, along with State Farm, Geico and Allstate.
Asked whether Nationwide had any misgivings about assuming a title sponsorship in light of the dangerous nature of the sport, Lyski said, “NASCAR really demonstrated their commitment to safety. It felt like an excellent fit to us.”
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