Penske inks long-term Shell/Pennzoil extension
Shell has signed an extension to its huge deal with Penske Corporation, covering the company's entries in the Nascar Sprint Cup and Indycar.
Shell and sister company Pennzoil will continue to be the official motor oil of Team Penske and will have primary sponsorship rights at 33 of the 38 Nascar Sprint Cup races on the car currently driven by Joey Logano.
Sports Business Journal reported that the new deal will run from five years, until 2018.
In Indycar, Shell and Pennzoil will sponsor Brazilian driver Helio Castroneves' car for the third successive year in 2013. The three-time Indianapolis 500 winner will also have the company as an associate sponsor throughout the season.
The deal also stretches beyond motorsport, with Shell continuing as a preferred supplier across Penske's wider business network. The various elements make the deal hard to value, but the overall investment by Shell is certain to be a significant seven-figure amount.
"We are very proud of the ongoing alliance that has continued to grow between our Penske Corporation companies and Shell and Pennzoil," said team owner Roger Penske of a relationship between brand and company which began in 1983.
"This is a relationship that has been strengthened at the racetrack and well beyond. We look forward to working with Shell and Pennzoil for many more years as we continue to build on our success together."
"Technological leadership drives us forward. The knowledge we gain, on and off the track, supports strong product development," said Marvin Odum, president of Shell Oil Company.
"This alliance, with Penske as one of the world's most successful transportation businesses, allows us to expand within motorsports and other businesses."
Meanwhile, Penske has also signed a sponsorship deal with car rental firm Hertz. The company will be a co-primary sponsor of Logano's car at the Sprint Cup event in Charlotte in the autumn and make seven appearances as a primary sponsor of a Penske entry in the second-tier Nascar Nationwide Series.
The deal was again described as 'multi-year' with Hertz set to be an associate sponsor of Logano's Sprint Cup car and the Nationwide car, which will be shared by Brad Keselowski, Logano and Ryan Blaney this year, throughout 2013.
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