IEG: Motorsport Sponsorship Spending To Rise 4.2% This Year
The Chicago-based sponsorship consultancy estimates that $3.51 billion will be spent in 2011 to sponsor teams, tracks and sanctioning bodies, up 4.2 percent from the $3.37 billion IEG estimates was spent on motorsports in 2010. The forecast for motorsports lags IEG's expectation for the overall sponsorship spend, which it pegged at 5.9% for this year.
"Without a doubt, the tide has turned in terms of corporate interest in motorsports. Although it's still a difficult sales environment, corporate purse strings have significantly loosened as compared to the last several years," said William Chipps, IEG SR's senior editor.
With the exception of several new deals with the Izod IndyCar Series, most recent activity has occurred at the team and track level, not with sanctioning bodies, Chipps said.
With the exception of several new deals with the Izod IndyCar Series, most recent activity has occurred at the team and track level, not with sanctioning bodies, he added.
