Shell-Pennzoil inks 5-year extension across Penske portfolio
INDIANAPOLIS (AP) — Roger Penske signed a five-year contract extension with Shell-Pennzoil on Thurdsay that covers Team Penske, IndyCar, Indianapolis Motor Speedway and most of Penske’s portfolio.
Team Penske and Shell-Pennzoil have won 96 races together, including Joey Logano’s recent NASCAR victory at Darlington Raceway.
The new deal has multiple layers and covers sponsorship of 30 races for Logano in NASCAR, as well as sponsorship of the Indianapolis 500 entries for Josef Newgarden (Shell V-Power) and Scott McLaughlin (Pennzoil).
“We are proud of the global business relationship with Shell and Pennzoil that extends across our Penske companies,” Penske said. “Over the years, we have experienced great success together on the track and the relationship has evolved to include our transportation business operations all over the world.”
Shell-Pennzoil and Team Penske in 2011 restarted a relationship that began in 1983 when Pennzoil was sponsor of Rick Mears and won the 1984 and 1988 Indianapolis 500s in the car dubbed “The Yellow Submarine.”
Penske said ahead of Thursday’s announcement that talks have already started with Logano on a new contract. Logano’s current deal runs through 2023 and, now that the sponsorship piece is secured for the No. 22 Ford, Penske expects to soon finalize a extension.
Other highlights of the deal include Shell becoming the official fuel supplier for the IndyCar Series; Pennzoil becoming the official lubricants supplier for Team Penske; and Pennzoil extending its sponsorship as the official oil and lubricant supplier for Indianapolis Motor Speedway and IndyCar.
“Our relationship with Penske continues to evolve, both commercially and in motorsport, giving Shell and Penske a vast platform to pursue our respective sustainability and decarbonization goals” said Steve Reindl, President, Shell Lubricants Americas.
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