The 3-year deal with PennGrade Motor Oil is reportedly worth about $5 million.
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.