Monster Energy is close to extending its title sponsorship of NASCAR's premier series, according to nearly a dozen sources close to the deal. It could not be determined whether the renewal would be for one or two years, but an extension would of course be a shot in the arm for NASCAR, which did not want to be out on the market looking for a new title sponsor to take over at the start of '19.
NASCAR also has touted Monster's cache with younger demographics as a way it is going to grow the sport. Monster's original deal was a two-year deal through '18 with a two-year option for around $20M annually. The company was supposed to inform NASCAR of its intention to renew for the '19-20 seasons by Dec. 31 but has asked for multiple extensions, which NASCAR has granted.
Top execs from NASCAR and Monster have met several times in the last three months about the extension, including most recently within the last few weeks. With only eight months remaining in the current deal, NASCAR and its partners need an answer, and signs indicate that Monster is coming back. Exactly when the sides would announce the renewal was unclear, but it is expected that they would move swiftly.
Neither NASCAR nor Monster, who have remained very tight-lipped during this process, commented when contacted by SportsBusiness Journal.
--- SportsBusiness Daily ---