Lowe’s to end sponsorship of NASCAR champion Johnson
Published 2:40 am Thursday, March 15, 2018
CHARLOTTE, N.C. (AP) — Lowe’s, one of the last remaining corporate giants in NASCAR, announced Wednesday that it will not sponsor seven-time champion Jimmie Johnson after this season, an ominous sign for the nation’s top racing series.
For Johnson and Hendrick Motorsports, it means the best NASCAR driver of his generation has a blank slate of “inventory” for the first time in nearly two decades.
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“Jimmie is one of the greatest champions and ambassadors in all of sports and still at the top of his game,” team owner Rick Hendrick said. “This change opens up all kinds of possibilities, and we look forward to having conversations with potential new partners. It’s a special opportunity with an iconic athlete and team.”
For Lowe’s, the decision is simply business.
The home improvement company teamed with Hendrick and Johnson in 2001 when the driver was a nobody. Owner and company took a leap on the driver Jeff Gordon promised them was going to be a star. Gordon was right and Johnson was so good Lowe’s that couldn’t leave.
Lowe’s signed on in the heady days of NASCAR when teams paid $20 million or more just to get in the door with a top team. A deal for an entire 36 race package, plus the two all-star events, could cost upward of $30 million per season.
Lowe’s wasn’t sure about Johnson when Hendrick sold them on a full deal; the company hedged its bet with a smaller deal for four-time champion Gordon just in case Johnson was a bust. But even if Lowe’s got in on the cheap with Johnson in 2001, the price undoubtedly went up as Johnson racked up his recordtying seven championships, 83 victories and a Hall of Fame career all while representing the Lowe’s brand the last 18 years.
As one executive once put it, for Lowe’s, taking that chance on Johnson, was like “winning the lottery.”