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FEDEX DROPS SPONSORSHIP OF RACING SERIES

Company Locked Into Two Stadium Naming-Rights Deals

By Published on .

NEW YORK (AdAge.com) -- Now that it has locked in its second stadium naming-rights deal, FedEx Corp., Memphis, is pulling out as the title sponsor of the Championship Auto Racing Teams series.

"As a series sponsor, we loved them," CART president Chris Pook said. "But the fact of the matter is in these sort of series, you have to have a series sponsor who activates to the retail market. That was not FedEx's game plan. That was never their game plan."

Earlier this year, FedEx committed to a 20-year, $90 million naming-rights deal for the new FedEx Forum in Memphis, home to the National Basketball Association's Memphis Grizzlies. In 1999, it signed a then-unprecedented 27-year, $205 million deal with the National Football League's Washington Redskins to name their football stadium FedEx Field.

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