NASCAR is set to lose its title sponsorship, as Sprint opts to not extend its deal the organization, which expires after the 2016 season, reports ESPN.
Sprint has been the main sponsor for NASCAR’s top series since 2004, when Nextel signed a 10-year agreement for the Nextel Cup Series. The name would change to the Sprint Cup Series in 2008, following the corporate merger between Nextel and Sprint.
The company agreed to a three-year extension that took the contract through 2016. They say the decision to end the relationship with NASCAR comes from “a need to focus more directly on its core business priorities.”
The news follows Nationwide decision to end their seven-year run as entitlement sponsor of NASCAR’s second-largest series, saying instead that it planned to spend more on track sponsorships and in the Sprint Cup Series, ESPN also reported.