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10th
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American telecommunication giant Verizon is about to become the new title sponsor of the IndyCar series.
According to Sports Business Daily, Verizon - already a sponsor of the Penske IndyCar team - has reached an agreement with the IndyCar series to become the title sponsor, a 10-year deal worth $100M.
The agreement brings an end to a two-year search to replace IZOD, which was the title sponsor of the series from '10-13.
Under terms of the deal, Verizon would commit to spend approximately $10M a year in rights, activation and media, sources said. It has the option to exit the deal after five years.
According to Sports Business Daily, Verizon - already a sponsor of the Penske IndyCar team - has reached an agreement with the IndyCar series to become the title sponsor, a 10-year deal worth $100M.
The agreement brings an end to a two-year search to replace IZOD, which was the title sponsor of the series from '10-13.
Under terms of the deal, Verizon would commit to spend approximately $10M a year in rights, activation and media, sources said. It has the option to exit the deal after five years.