NASCAR is asking $1 billion over 10 years for its soon-to-be-open Sprint Cup Series title sponsorship, according to sources. The sanctioning body has hit the market for Sprint’s replacement with a price tag of $45 million to $50 million annually in rights fees and the same in activation over a decade, according to sources. Sprint confirmed in December that it would end its 13-year sponsorship of NASCAR’s top series after the 2016 season. NASCAR declined to comment for this story. The asking price represents a 33% increase from the original deal, which was signed in 2004 with Nextel for a reported $750 million over 10 years before Sprint and Nextel merged. Amid struggling TV ratings and attendance for NASCAR at the time, Sprint negotiated that down to approximately $50 million annually when it signed a three-year extension in 2011, according to sources. The Sprint deal is the largest sports sponsorship in North America.(Sports Business Journal)(3-3-2015)
