Indianapolis 500 announces new presenting sponsor on multi-year deal
IndyCar has announced Gainbridge will be the new presenting sponsor of the Indianapolis 500, the online annuity and life insurance agency signing a multi-year deal with the Indianapolis Motor Speedway.
The value of the deal is said to be an increase on the circa $1.5 million annual amount paid by outgoing sponsor PennGrade Motor Oil.
"We welcome Gainbridge to this new partnership," said Mike Miles, President and CEO of IndyCar's parent organisation Hulman & Company.
"Gainbridge offers a bold, new way to steady growth, and we’re honored that the platform is being launched through this association with the Indianapolis 500 – an exciting global event with a rich history and a bright, dynamic future. It’s a perfect fit."
Gainbridge are part of Group1001, sponsor of Zach Veach’s Andretti Autosport entry in 2018. For 2019 that deal remains in place, but the branding on Veach’s car will switch to Gainsbridge as the primary sponsor.
Dan Towriss, CEO of Group1001, highlighted the parallels between Gainbridge and IndyCar, commenting that "In investing, like in racing, anything can happen. The key is to stay calm and have a strategy in place to hedge for the unexpected."
Race sponsorship is one of the indicators of the financial health of IndyCar; of the 17 races in 2018, three ran without any headline sponsorship. The fact that the Indianapolis 500, the jewel in the crown of Indycar racing, has secured a new sponsor on favourable terms bodes well for the continued growth of the sport.