Comcast Inks Multiyear Deal as NASCAR Racing Series Sponsor
The reported $200 million deal follows an agreement for NBC Sports to carry the races
The NASCAR Nationwide auto racing series will be rebranded as the NASCAR XFINITY series as part of a deal for title sponsorship of auto racing’s second-most-important series.
The 10-year deal was announced Wednesday during an event at the NASCAR Hall of Fame in Daytona Beach, Fla.
The sponsorship begins in January and runs through 2024. Comcast replaces Nationwide Insurance, which has been title sponsor for the past seven years. Before that Anheuser-Busch was the title sponsor for 26 years. NASCAR says the Comcast agreement is the longest entitlement agreement in the series' history.
Sports Business Daily reported that the agreement has a value of $200 million.
This follows a 10-year, $4.4 billion deal for the NBC Sports cable channel, owned by Comcast, to carry NASCAR racing beginning in July 2015.
Xfinity is the brand name for Comcast’s residential cable TV service. It includes video and broadband, as well as a robust on-demand platform. Comcast serves homes and businesses in 39 states and Washington, D.C.
Comcast, the largest U.S. cable TV provider, is currently trying to acquire Time Warner Cable, the second-largest cable TV provider in the U.S. If that deal is concluded, it is expected the Xfinity name and technology will be extended to homes and businesses served by TWC.
“NASCAR and XFINITY are each leader brands with much in common,” said Brian France, NASCAR chairman and CEO in a statement. “Both are focused on innovation and have products built for speed. Together, we will work to take this series to new heights and elevate one of the most unique and powerful partnerships in all of sports.”
“Technology lives at the heart of NASCAR,” said Comcast executive vp and COO of Comcast Cable Dave Watson in a statement, “just as it does for XFINITY. NASCAR provides an exciting environment in which to showcase our video and Internet products.”
The first race in the newly named NASCAR XFINITY Series will take place at the Daytona Speedway on Feb. 21, 2015.