Curt Cavin

INI

IndyCar has its new title sponsor, The Indianapolis Star has learned, and it's a biggie by all definitions.

Verizon Communications, which is replacing Izod as the flag carrier of U.S. open-wheel racing, ranked 16th in the latest Fortune 500 list based on revenues and profit in 2013. It was ranked No. 1 in the telecommunication sector in the category of World's Most Admired Company by Fortune Magazine.

Izod, an apparel company, had its association with IndyCar conclude at the end of last season.

Terms of the contract are not expected to be announced by IndyCar when it formally confirms the deal Friday, but the total commitment is expected to be about $10 million per year.

The Sports Business Journal reported the deal would be for 10 years.

Verizon will continue to sponsor Team Penske's program, a unique commitment. Sprint, for example, is only involved with NASCAR at the series level and does not sponsor a car. Verizon is to be the primary sponsor of the cars of Will Power and Juan Pablo Montoya (eight races).

Verizon works its motor sports sponsorships with Zionsville-based Just Marketing International.