Nationwide is dropping out as the sponsor for NASCAR’s number two series after next season. So how much money is NASCAR looking for from a replacement? Try a total commitment of over $30 million a year. As the SportsBusiness Journal reports:
NASCAR is asking $12 million to $15 million a year for title sponsorship of its secondary series, which has been held by Nationwide Insurance since 2008.
NASCAR’s asking price is a minimum 20 percent increase above the $10 million in rights fees that Nationwide now pays. The insurer is dropping the title sponsorship after the 2014 season.
In addition to the rights fee, NASCAR executives are telling potential buyers they want a 10-year deal that includes a media commitment of more than $10 million and an activation commitment of more than $10 million, putting the overall annual spend at more than $30 million a year.
