Sprint Nextel reiterates committment to NASCAR
By Bob Pockrass
Tuesday, April 04, 2006
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Sprint Nextel officials Tuesday reiterated the company's commitment to NASCAR despite the recent merger of the two companies and the pending departure of two marketing executives who handled Sprint Nextel's management of its Nextel Cup sponsorship.
Mark Schweitzer, the chief marketing officer from Sprint Nextel, said the company has no plans to back away from its 10-year deal (reportedly $75 million per year) that began in 2004 to sponsor the Nextel Cup Series. Schweitzer said there are not many outs in the contract and added that the sponsorship cannot be transferred and it cannot be sold. Sprint Nextel also has contracts with the tracks and is also committed to spend an undisclosed amount of advertising in conjunction with the sponsorship.
"We at Nextel were not naïve about what a changing technology environment it was, and we remain comfortable with those commitments," Schweitzer said.
Sprint and Nextel completed their merger in 2005, and the series name is expected to change. Schweitzer said original plans called for a decision on whether to make a name change by last February, but that decision has been delayed until "the middle of this year."
"We want to make sure that, if we were to make a change, it isn't detrimental to the equity that we've built up, particularly in support of our Nextel product," Schweitzer said.
Schweitzer was speaking an attempt to dispel questions about the company's commitment to the sport with the pending departure of Michael Robichaud, vice president for sports marketing and Nextel Cup program marketing manager Jill Gregory.
Gregory is going to Bank of America to help activate its NASCAR sponsorships, while Robichaud plans to pursue other opportunities.
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