Over $19 Million in Prize Money for the Daytona 500

In less than three weeks' time, the 2012 NASCAR season will kick start at the traditional Daytona 500. It is the first Sprint Cup Series race of the year and the prize will be bigger than ever as drivers will share over $19 million. The winner will take home at least $1.4 million. Another $200,000 will be awarded to the driver who leads the race at the half way point. That is a healthy financial situation for a series that has suffered from a dramatic loss of spectators and sponsors during the recession.

According to various reports, towards the beginning of the new season, specifically at the Daytona 500, there are improvements in teams' sponsorship deals. Major corporations have signed new agreements or renewed existing ones with the racing teams, allowing a short sigh of relief to 'impoverished' team owners. The Penske team, whose records in IndyCar and the Indy 500 are much more consequential than its NASCAR records, has extended its contract with MillerCoors for the Dodge No. 2 car driven by Brad Keselowski. Miller Lite logos will decorate that car.

Penske's second car, No. 22 driven by AJ Allmendinger, is covered by the red and yellow Shell/Pennzoil logos. That multi-year sponsorship was cut by about a half in the last few seasons, as NASCAR popularity took a dive, from about $30 million to $15 million a season. Wal-Mart is to sponsor just one car for one race at Daytona in July, however, for the world's biggest retailer it is a precedent. So far Wal-Mart management was suspicious of sponsorship value and therefore was reluctant to allocate funds to such ventures. Sponsorship does not always relate directly to success as can be seen from the fully decorated cars of Earnhardt Ganassi Racing.