The Indy Racing League has extended its partnership with Old World Industry's Peak Performance Motor Oil brand for another year.

The sponsorship includes the funding of the Izod IndyCar Series' Peak Performance Pole Award. That sees the fastest qualifier at 16 of the 17 races on the schedule receive US$10,000, while at the Indianapolis 500 weekend US$100,000 is awarded to the top qualifier, US$25,000 to the second-place qualifier and US$10,000 to third place. In addition, Old World Industries pays a fee of around US$250,000 to the Indy Racing League.

"The Izod IndyCar Series is extremely excited to be extending its partnership with Peak Performance Motor Oil," said Terry Angstadt, president of the Indy Racing League's commercial division, to Sponsorship News. "Through its involvement with the IndyCar Series as well as driver and event programmes, Peak Performance has been an outstanding activator of its IZOD IndyCar Series partnership."

• Sweet home Alabama for IndyCar

Jerry Riccioni, vice president of automotive sales for Old World Industries, added: "The Izod IndyCar Series is a great platform for us to showcase Peak Performance products to both retailers and consumers. We could not be happier to extend and expand our partnership with the Izod IndyCar Series allowing us to work with a quality partner that we continue to work with to build a strong presence in the marketplace while continuing to build our Peak Performance brand."