NASCAR’s Nextel Cup becoming Sprint Cup in 2008
NASCAR’s premier series will be called from 2008 the Sprint Cup.Executives from Nascar and Sprint Nextel will announce the switch from Nextel Cup to Sprint Cup for the next season.
Following R.J. Reynolds’ decision to leave the sport in 2003, Nextel announced plans to sponsor NASCAR’s top series for a 10-year period, beginning with the 2004 season. The terms of the agreement were never publically announced, but were believed to be between $70 and $75 million per year with the value increasing with each season.
Nascar could expand its marketing efforts to fans having under 18 years old (the current sponsor Winston cigarettes is not a good sponsor for that kind of fans) .
However, the alliance has had to weather some difficult circumstances in recent months, thanks to the merger of AT&T and Cingular. AT&T filed a suit in federal court against NASCAR in an effort to place its branding on Richard Childress’ No. 31 Chevrolet.
The resulting injunction caused NASCAR to file a countersuit, claiming the injunction is harming its exclusive sponsorship agreement with Nextel.