Lowe’s will not renew naming rights with speedway UPDATE confirmed: Lowe’s has decided not to renew its naming-rights deal at Lowe’s Motor Speedway after this year, ending an 11-year relationship that began as the first racetrack naming-rights sponsorship. After more than a year of renewal talks, the home improvement retailer informed Speedway Motorsports Inc., the track’s parent company, of its decision within the last two weeks, industry sources said. The initial 10-year, $35 million deal ran through 2008 and last year the two sides agreed on a one-year extension through 2009 when they could not finalize a long-term deal. Talks continued this year, but the two sides have not been able to reach an agreement. Barring a late agreement with Lowe’s or the signing of a new corporate partner, the track is expected to go back to its former name, Charlotte Motor Speedway, in 2010. The Lowe’s deal with Johnson and Hendrick Motorsports expires at the end of 2010 and those renewal talks are expected to begin later this year
UPDATE: Lowe’s confirmed today the company will not renew its naming rights sponsorship of Lowe’s Motor Speedway, a track owned by Speedway Motorsports, Inc. (SMI), when its contract expires at the end of the year. Both companies continue to be in discussions about potential future marketing opportunities. “When Lowe’s entered into this marketing relationship in 1999, it was during the time of our company’s rapid national expansion, and Lowe’s Motor Speedway gave us the platform to introduce the Lowe’s brand to millions of NASCAR fans and consumers across the country,” explained Robert J. Gfeller, Lowe’s senior vice president of marketing and advertising. “We’ve enjoyed a great partnership with SMI over the years. However marketing strategies change, and it was time after 11 years to direct our marketing resources in other areas.”
“Lowe’s has been a tremendous partner for Speedway Motorsports and their corporate involvement has strengthened our sport for NASCAR fans,” said Marcus Smith, president and general manager of Lowe’s Motor Speedway. “We look forward to moving in new directions to help them accomplish their marketing goals in 2010 and beyond.