US stock car racing organisation Nascar has extended its partnership with Monster Energy for a further year.
The deal will see Monster remain the title sponsor of the top-tier Nascar Cup Series through 2019. In addition, the company will continue to be listed as the official energy drink of Nascar.
Monster first put its name to Nascar’s premier series in 2017 as part of a two-year deal estimated by ESPN to be worth an annual US$20 million. Nascar had spent a full year looking for a replacement for Sprint - which announced that it would end its 13-year sponsorship in 2014 - and was widely reported to be seeking a ten-year deal worth up to US$1 billion. Financial details of the new agreement with Monster have not been disclosed.
Despite Monster’s sustained backing, Nascar’s chief operating officer Steve Phelps has admitted that it is “highly unlikely” the partnership will continue beyond 2019.
“Nascar and Monster Energy enjoyed a productive first year and both parties have benefited significantly from the partnership,” said Phelps. “Monster Energy successfully utilised our sport as a platform to elevate its brand and drive business, while introducing Nascar to new audiences. With this renewal, we look forward to building upon our early success.”
“Over the past year, Nascar’s passionate and brand loyal fan base embraced Monster Energy and we are excited to be able to continue to build on and strengthen that momentum through 2019,” said Rodney Sacks, Monster Beverage chairman and chief executive. “Racing is in our DNA and extending this partnership further establishes Monster Energy’s prominence in motorsports.”