NASCAR, Monster Energy reach sponsorship agreement

Reuters News
Posted: Dec 01, 2016 5:29 PM

(Reuters) - NASCAR said on Thursday it reached an agreement that will see energy drink company Monster Energy become the title sponsor for the stock car racing series starting with the 2017 season.

Terms of NASCAR's deal with the Coca-Cola owned energy drink company were not disclosed.

Monster Energy replaces U.S. wireless carrier Sprint, who announced in 2014 that it was leaving the sport after the 2016 season during which it spent a reported $75 million annually on NASCAR sponsorship.

Sprint became NASCAR's Cup series sponsor starting with the 2008 season after it purchased Nextel, which took the naming rights in 2004.

NASCAR, which is struggling with sagging ticket revenues and television ratings, will open its 2017 season in February with the Daytona 500.

(Reporting by Frank Pingue in Toronto; Editing by Steve Keating)