Thursday January 21st, 2016

The Indianapolis 500 has acquired its first presenting sponsor for this year’s race, reports Curt Cavin of the Indianapolis Star.

The three-year deal with PennGrade Motor Oil is reportedly worth about $5 million. The 100th running of the race will now be called “The Indianapolis 500 presented by PennGrade Motor Oil.”

PennGrade Motor Oil is a division of D-A Lubricants, which is based in Lebanon, Ind. The company sponsored Indy 500 cars from 1955 to 1958.

IndyCar Series team owner Roger Penske supports the decision to add a presenting sponsor to the race.

“It's terrific,” Penske said. “Anything that helps the Speedway is good for the sport.”

Zak Brown, a London-based sponsor, also finds no problem with the sponsor.

“The days of total purity in sports — short of Wimbledon and The Masters — are long gone, and even those [events] have commercial partners. I don’t see any downside,” Brown said.

This year’s race is the 100th running of the Indy 500, and takes place May 29.

SI Apps
We've Got Apps Too
Get expert analysis, unrivaled access, and the award-winning storytelling only SI can provide - from Peter King, Tom Verducci, Lee Jenkins, Seth Davis, and more - delivered straight to you, along with up-to-the-minute news and live scores.