In the cloaked world of NASCAR sponsorship dollar figures, a number emerged this week from the Indianapolis Business Journal: $10 million.
That’s the amount the publication reported that Eli Lilly is spending on its joint sponsorship of Ryan Reed’s No. 16 Ford in the Xfinity Series. Lilly has partnered with the American Diabetes Association, but the IBJ says the pharmaceutical company is paying for the deal, which is estimated at $10 million annually. The story reports that Lilly is paying $5 million to Roush Fenway Racing for the sponsorship and spending $5 million on activation and promotion.
The company, which is in its second year of sponsoring the car, is trying to expand the awareness and exposure for diabetes and the drugs used to treat the disease. Reed, 21, helped spread the word with his first career victory in the season opener last month at Daytona International Speedway — four years after he was diagnosed with Type I diabetes.
NASCAR teams and sponsors generally keep the amounts of their sponsor contracts under wraps. In the Sprint Cup series, it’s been estimated that teams have asked for $18-20 million annually to sponsor a championship-contending car for the 36-race season on the premier circuit. The Xfinity Series comes with a much lower price tag for a team sponsorship.
Read the IBJ story on Lilly’s sponsorship here.