Car-maker General Motors Corp. renewed its long-standing sponsorship of the Daytona International Speedway and its signature Nascar race, the Daytona 500.
There had been speculation that GM would not renew as financial troubles and slumping sales have forced cuts. It recently terminated an endorsement deal with Tiger Woods and pulled out of advertising during Super Bowl XLIII.
But despite cash worries, the company agreed a new deal for NASCAR's most prestigious event on a year-to-year basis. Financial terms were not disclosed. The event was the US’s top rated motorsports broadcast in 2008, drawing 33.5 million TV viewers.
GM has sponsored Daytona for more than 40 years and Chevrolet spokesman Terry Rhadigan said: "We are able to draw a direct correlation to sales, and that's where we are going to put our money. We need to be smart with the limited funds that we have and focus those funds where we are going to provide the highest return on our investment."
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