IZOD Signs on as IndyCar's Title Sponsor

INDIANAPOLIS -- The IndyCar Series formally welcomed IZOD as the title sponsor for the series Thursday in a flashy, ultra-hip unveiling at Indianapolis Motor Speedway -- a significant development in the future of the series which hasn't had a big money title sponsor in the last decade.

"It is our biggest day in the history of the company,'' said Terry Angstadt, President of the IRL's Commercial Division.

"When people ask about our priorities on a business side, this was number one through ten, believe me.''

While neither the IZOD IndyCar Series officials nor executives at IZOD's parent company, Phillips-Van Heusen (PVH), would disclose the monetary terms of the contract, it is a "multi-million dollar commitment" for six years with an option beyond that, officials said.

IZOD will enhance the marketing of the series, provide a massive presence in race markets and contribute money dispersed to each team that runs the full season. Most importantly it hopes to provide America's marquee open-wheel series with the type of mass exposure sorely missing in the last few years, promising an emphasis on marketing all of the league's drivers.

Recently crowned IndyCar Series champion Dario Franchitti sees it as a signal of better times ahead for the series which lags behind NASCAR in popularity despite consistently boasting the most competitive championship battles in all of major auto sport.

"To announce a title sponsor in this economy is a big deal for everybody,'' Franchitti said. "For IZOD to have been in the series already and step it up shows [the series is] working. It's a really good sign coming on the back of open-wheel unification a year ago.

"I like the momentum.''

Pep Boys and Northern Lights (an Internet search engine) each had brief reigns as IndyCar Series title sponsors, but IndyCar president Brian Barnhart said Thursday that this deal with IZOD was "probably the first legitimate title sponsor we've had.''

"The best thing is they are spending a lot of money raising the awareness of the series, getting more eyeballs watching. Having someone outside the motorsports realm really adds to the excitement of it and takes us into people's living rooms that weren't already race fans.''

Certainly IZOD has the unique ability to attract a new generation of fans using its hip look and edgy commercials while still being an iconic American symbol to older generations. And that's exactly the kind of shot in the arm IndyCar needs.

The open-wheel split beginning in 1996 not only confused, divided and alienated race fans, it frightened potential corporate partners and forced many longtime open-wheel sponsors to chose between the Indy Racing League, which had the Indianapolis 500 on its schedule and the CART (Championship Auto Racing Teams) Series, which had the big name teams and drivers.

While the open-wheel series were competing against each other for prestige, talent and ultimately corporate America, NASCAR was becoming an attractive alternative for sponsors and fans.

Last year IRL founder Tony George brokered a deal to unify America's two open-wheel series and is a significant factor in the series being able to land this sponsor.

"We knew the unification would be very important, but it's far more impactful than I even thought it would be,'' Angstadt said.

"This is a very sexy sport with under-developed assets and opportunity and a chance to partner and really build each other's brand,'' said Mike Kelly, PVH's executive vice president of marketing and creative.

"It's an opportunity, no question. Frankly, I'm not sure if everything was already rosy and perfect here and fully mature after the unification if we could afford this.''

Driver Ryan Hunter-Reay, who has had IZOD as a personal and team sponsor since it first joined the sport last year, was confident he spoke for all the competitors in saying, "this is what we've been waiting for, it's a new start and the sky's the limit right now.''