For the first time in its history, the Indianapolis 500 will have a presenting sponsor for its 100th running in 2016 after announcing a deal with PennGrade Motor Oil last week.
As had been reported earlier in 2015, Hulman and Co. CEO Mark Miles was open to securing a presenting sponsor for the Indy 500, and announced on Thursday that a three-year deal had been struck with PennGrade.
“This historic announcement is welcome news for the Indianapolis Motor Speedway and generates even more momentum for the entire Verizon IndyCar Series,” Mark Miles said.
“PennGrade Motor Oil, with its deep understanding of the heritage and tradition that fuels the Indy 500, is the perfect presenting sponsor for the world’s greatest race.”
“There’s no better way for us to debut PennGrade Motor Oil than by partnering with the world’s largest single-day sporting event,” added Mike Protogere, chairman and CEO of PennGrade parent company D-A Lubricant.
“The Indianapolis 500 has stood for automotive innovation since 1911 and we’re thrilled to add an exciting new chapter to that heritage with our product.”
As such, the race will formally be known as the 100th Indianapolis 500 presented by PennGrade Motor Oil, and is scheduled for May 29th at the Indianapolis Motor Speedway.
