IndyCar: Apex-Brasil did not renew partnership

On the heels of losing its second Brazil race in as many years, the IndyCar Series no longer has its significant partnership with Apex-Brasil, the Brazilian company that promotes foreign trade.

Apex-Brasil, which stands for the Brazilian Trade and Investment Promotion Agency, first partnered with IndyCar in 2008, and its most recent contract extension was confirmed on the morning of the 2012 Indianapolis 500.

Terms of the contract were good through the end of 2014, but Apex-Brasil decided to go a different direction with its funding, IndyCar confirmed Friday.

Just how much money IndyCar has received from Apex-Brasil isn't known, but it's believed to be several million dollars annually.

Jay Frye, chief revenue officer of Hulman Motorsports, told The Star that IndyCar continues to have talks with the Brazilian company "if not for 2015, then for 2016," but he acknowledged the importance of the non-renewal to the sport.

"It was a very solid deal," he said.

Frye said IndyCar has countered the loss with four signed partnership deals that will be announced in the coming weeks.

"There is a lot in the pipeline, some really good things coming," he said. "There's a lot of very good activity."

The loss of Apex-Brasil does more than affect IndyCar; it has been a personal sponsor of one-time series champion Tony Kanaan, the 2013 Indianapolis 500 winner.

IndyCar intended to open the upcoming season at the Nelson Piquet Autodromo circuit in the Brazilian capital of Brasilia, but a change in government leadership led to the recent cancellation of the March 6-8 event.

IndyCar's race in Sao Paulo ran for four years before ending after the 2013 event.

Follow Curt Cavin on Twitter at @curtcavin