The IndyCar Series has secured a new title sponsor, its first since Northern Light left in 2002, that is reported to be worth some US$10 million per year.

The partnership, which will be officially announced on Thursday at Indianapolis Motor Speedway, is thought to run for the next six years. The US$10 million annual investment includes sponsorship activation and a payment to the series' television partners alongside the amount paid to IndyCar.

• Sweet home Alabama for IndyCar

"The key attributes that Izod really likes about the (series) are speed, diversity and green, and in particular speed will play a key messaging point in all marketing communications," said Brian Barnhart, president of the Indy Racing League's competition and racing operations divisions. "Izod will work very closely with the IndyCar Series to portray the IndyCar Series as the fastest race on earth.
 
"The combination of young, dynamic drivers representing over 14 countries, events in key domestic and global markets and its strong American racing heritage make the IndyCar Series a perfect fit for the sport-spirited Izod brand lifestyle."

Izod was already the official outfitter of the series.