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Verizon confirms IndyCar title sponsor role exit after 2018

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As perhaps expected, Verizon has confirmed Friday it will end its role as Verizon IndyCar Series title sponsor following the end of its fifth year in 2018.

Reports surfaced shortly after this year’s IndyCar season finale at Sonoma Raceway that Verizon was re-evaluating its role within the series.

Indeed, as it was before becoming title sponsor in 2014, Verizon will remain a partner with Team Penske despite not also carrying the series title sponsor role.

In a statement, Hulman & Co. CEO Mark Miles thanked Verizon for its support in this overall series role.

“Verizon has been a super sponsor and will continue to be so through all of next season. We appreciate that they reached their decision in a timely way so that we can thoughtfully and deliberately go back into the market for 2019,” Miles said in a statement, via Sports Business Journal.

Roger Penske also issued a statement, also via SBJ, saying, “We want to thank Verizon for the support they have provided the IndyCar Series and the role they have played as they helped us grow the sport as the title sponsor for the past five years. Verizon has helped the series reach new fans through their world-class activation and technology, including the Verizon IndyCar Mobile App. While they will no longer be the Series Title Sponsor after 2018, it is exciting they will still be in the sport through their relationship with our organization.”

The Verizon IndyCar Series has built a wave of momentum over the last few years with its competition level, parity and enthusiasm for some revived events, with Gateway Motorsports Park and Road America standing out as highlights being brought back after an extended hiatus.

The good news for INDYCAR (sanctioning body) is that there’s a new Dallara universal aero kit that’s been busy with testing the last few months and is now in the hands of manufacturers for manufacturer testing, and the series announced long-term extensions with Dallara, Chevrolet, Honda and Firestone earlier this year. New series champion Josef Newgarden has also been busy in a number of media events and appearances since the Sonoma season finale.

With this confirmation, INDYCAR has a new entitlement sponsor to find and a new TV contract to sort, with both existing contracts up after 2018.

McLaren F1 drivers and senior management agree to pay cuts

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McLaren Formula One drivers Carlos Sainz Jr. and Lando Norris are taking pay cuts, while the team is furloughing other employees as part of protective cost-cutting during the coronavirus pandemic.

With F1 racing suspended, McLaren said both drivers and senior management, including chief executive Zak Brown, all agreed to voluntary pay decreases. No figure was given, but McLaren said the percentage of the cut is the same for all employees who are not furloughed.

McLaren said in an email that “these measures are focused on protecting jobs in the short term to ensure our employees return to full-time work as the economy recovers.”

Sainz Jr. tweeted his support, saying “I fully understand these tough decisions and I have obviously decided to take a pay cut. We are all in this together.”

The first eight races of the 22-race campaign have been called off because of the virus. The season-opening Australian GP and the showpiece Monaco GP have been canceled, while the others might be rescheduled.

There is no date set for when the season might start, with the Canadian GP the next scheduled race on the disrupted calendar on June 14.

The season is scheduled to finish with the Abu Dhabi GP on Nov. 29, but F1 organizers previously said they anticipated that “the season end date will extend beyond our original end date.”

To further save costs and potentially gain time, engine manufacturers and teams are observing a three-week factory shutdown period. It normally would have been two weeks and would have taken place during the midseason summer break.