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NASCAR, Monster Energy reach sponsorship agreement

NASCAR, Monster Energy reach sponsorship agreement

After many months of speculation and almost two years after Sprint confirmed its departure, Nascar has formally announced that Monster Energy will be the new title sponsor of its premier racing series.

Nextel replaced the sport's original title sponsor - R. J. Reynolds Tobacco Company - in 2003, before Sprint acquired Nextel in 2005, and the brand morphed into the Sprint Cup series.

"They understand how to reach across and excite our core audience and help us deliver on a new audience, and that was very exciting for us".

"Monster has built its brand on racing and motorsports, and NASCAR is the pinnacle of motorsports in America", said Mitch Covington, vice president of sports marketing at Monster Beverage Company in a statement. "It's a rare and unique opportunity to be associated with a premier professional sport, to be closely partnered with that sport and work together to build both of our brands", he said.

The agreement puts Monster branding on the 36 series races, NASCAR's Chase playoff format, and the sport's annual all-star race. "But we're quite pleased with the agreement and there will be no changes at all (to operations budgets)".

Phelps said a number of ancillary details will be announced in the coming weeks. Monster has been involved in NASCAR for several years, now sponsoring Kurt Busch and previously his brother Kyle.

Steve Phelps, NASCAR's global marketing officer, said they talked with "hundreds of brands" about the sponsorship deal, finalizing it a day before NASCAR's season-ending banquet at the Wynn Las Vegas.

This is not Monster's initial foray into NASCAR.

Go to a Monster Energy Supercross motocross event - the verve is palatable, the crowd noticeably youthful. "Because we do market in a non-traditional way, we count on our athletes and fans to do our marketing". "... We have never created a commercial or an ad".

"It's a different kind of agreement for sure in that it's got activation in different ways and media in different ways", France said. Cola-Cola, a longtime NASCAR sponsor, owns 16.8 percent of Monster, which produced a $546 million profit in 2015.

Then again, the previous NASCAR approach may also evolve under the new arrangement. And while Danica Patrick is the only female driver at NASCAR's top level, there are numerous female drivers in NASCAR's lower ranks; three made starts in the Camping World Truck Series in 2016. "But the timing is actually flawless", Phelps said.

"But these guys are ready on day one. We look forward to working with them at each of our speedways". "They're going to bring their brand, their excitement, their energy to this partnership and the fans are going to be the winners". "By the way, we're in the fun business". "We didn't step on our championship and what happened in crowning a seven-time champion".

So is Monster the right partner? We're-- this is where people come to have fun, right? "They get at a millennial audience in a different way clearly than we've ever been associated with, particularly at this level, and they know what they're doing".