Penske signs Joey Logano and Shell-Pennzoil to new deal
DAYTONA BEACH, Fla. (AP) Team Penske has locked up a major portion of its NASCAR program by signing driver Joey Logano, crew chief Todd Gordon and sponsor Shell-Pennzoil to extensions that run through ”2022 and beyond.”
The phrasing of the new contracts announced Friday at Daytona International Speedway is a play on Logano’s car No. 22. His existing contract ran through 2018, and the extension is believed to be a five-year deal through 2023.
”This was one of those decisions that was a no-brainer,” Logano said. ”When you’re able to find yourself in an amazing opportunity with a lot of winners around you, that’s great. … I want to be with people who want to win as bad as me.”
The partnership with Shell extends to Penske’s IndyCar program, and Roger Penske said he’s currently working on a contract extension with three-time Indianapolis 500 winner Helio Castroneves.
”Helio is a fixed picture on the wall of our race team,” Penske said.
Penske is also working on an extension with Logano teammate Brad Keselowski. His current contract expires at the end of this year, and Penske said he likes to get deals done early to avoid the chaos of free agency.
”I never wait 90 days ahead, avoid all this jumping around,” Penske said. ”I want to be sure that I am one to two years ahead because of cancellations and modifications.”
Logano has driven for Penske since 2013, winning 15 races and finishing as high as second in the standings. The contract extensions were a year in the making, and give Shell ”more than 30 races” on the No. 22 Ford. Penske loves that commitment from a sponsor that he considers a company partner.
”From a logistics standpoint and an image standpoint, this is a very important deal,” Penske said.
Penske had three drivers in the No. 22 prior to Logano’s arrival. Logano and Gordon provided stability and success for the team and Shell. Penske leverages the sponsorship with his fleet of 244,000 trucks, and Penske said having a single fuel and oil supplier is key.
”We trust our partner to find the right solution together going forward,” Shell Global Retail Executive Vice President Istvan Kapitany said. ”Operational issues which might come up in motorsports or in business is not impacting the strategic partnership.”
The Logano deal was announced one day after FedEx signed an extension with Joe Gibbs Racing and reigning Daytona 500 winner Denny Hamlin. That deal is also for the majority of the races, which makes FedEx, Shell, Lowe’s and Menards only a handful of companies willing to spend the $10 million to $20 million a year for a significant sponsorship stake.
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