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Tuesday, July 23

Shell to sign three- to five-year deal
Associated Press

DENVER -- Shell Oil has agreed to sponsor the Grand Prix of Denver auto race to be held downtown over the Labor Day weekend.

Tim O'Leary, a spokesman for Houston-based Shell Oil Products US, confirmed late Monday that the race will be called the Shell Grand Prix of Denver.

He did not know the financial terms or the length of the sponsorship.

Experts say a lead sponsor of a Championship Auto Racing Teams race would typically pay $300,000 to $500,000 a year over several years.

Jim Michaelian, president of Grand Prix Association of Long Beach, Calif., one of the race's organizers, has said he expected a title sponsor to sign a three- to five-year deal.

The other main race organizers are Kroenke Sports Enterprises and CART.

For seven seasons, Shell has been the major sponsor for Team Rahal, the CART racing team owned by auto-racing star Bobby Rahal and comedian David Letterman.

Team Rahal will have two drivers in the Denver race: Jimmy Vasser and Michael Jourdain Jr., O'Leary said.


 

 
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