Goodbye Molson Indy. Hello Steelback Grand Prix of Toronto.
Beer and juice marketer Frank D’Angelo has reached a five-year deal for the naming rights to the Champ Car race. The partnership with Steelback Breweries is to be announced next Tuesday.
D’Angelo is best known for his non-traditional approach to advertising in which he puts himself front and centre as executive pitchman.
Steelback’s sponsorship fills a void left by Molson Coors Brewing, which left the auto race in the fall to focus on hockey and music, sponsorship opportunities it says are more closely aligned with the people who drink its brands.
But Grand Prix spokesperson Shannon Davidson said the new sponsor is paying at least as much as Molson did last year. She said there were negotiations with several potential sponsors.
“There were definitely a few at the table, there’s no question about that,” she said. “But this particular partner was very forthright and moved fairly quickly and showed great interest in leveraging the partnership.”
Molson is believed to have paid more than $2 million one year to headline the race, but in today’s softer sponsorship market, the price is believed to be closer to $500,000 a year.
The returns can be lucrative for a beer company since pouring rights at the race can reach as much as $7 a beer during the Grand Prix weekend, and the sole supplier sells tens of thousands of cups over a three-day event.
