Sponsorship has always been a cornerstone of success in motorsports, and NASCAR’s 2024 season showcased this in full force. According to recently released data from Black Book Motorsports, Joe Gibbs Racing (JGR) emerged as the top team in terms of sponsorship revenue, generating an impressive $116 million, edging out perennial powerhouse Hendrick Motorsports (HMS), which secured $102 million.
2024 Sponsorship Revenue Leaderboard:
- Joe Gibbs Racing (Toyota): $116 million
- Hendrick Motorsports (Chevy): $102 million
- Stewart-Haas Racing (Ford): $91 million (ceased operations post-2024)
- Team Penske (Ford): $86 million
- Richard Childress Racing (Chevy): $53 million
- Front Row Motorsports: $43 million
- Kaulig Racing: $41 million
- RFK Racing: $39 million
- Legacy Motor Club: $36 million
- 23XI Racing: $35 million
Major Sponsorship Trends
- JGR and HMS Dominate: JGR’s ability to lead the pack highlights its strong relationships with corporate backers, particularly in maintaining long-term deals. HMS followed closely, showcasing their reliability as a premier NASCAR brand.
- Ford Teams See a Decline: Team Penske, once the 2023 leader in sponsorship with $140.94 million, experienced a staggering 39% drop to $86 million in 2024. The drop reflects the shifting landscape in sponsor investment and a slight dip in their on-track dominance.
- Stewart-Haas Racing’s Farewell: Despite shutting down after the 2024 season, Stewart-Haas Racing still managed $91 million, a testament to its legacy appeal.
- RCR Struggles: Richard Childress Racing saw the sharpest decline among top teams, with sponsorship revenue plummeting 49% from $104.55 million in 2023 to $52.9 million in 2024. This mirrored a difficult season on the track.
Top NASCAR Sponsors in 2024
- Goodyear: $25 million
- Xfinity: $20 million
- Chevy: $18 million
- Coca-Cola: $16 million (highest-spending team sponsor)
What Went Right for JGR and HMS?
- Consistent On-Track Performance: Both teams maintained competitive form in the Next-Gen era, securing wins and playoff spots, keeping sponsors engaged.
- Brand Power: JGR and HMS have solidified themselves as the go-to teams for companies looking to invest in NASCAR, offering excellent ROI and exposure.
- Sponsor Retention: While other teams faced revenue dips, JGR and HMS retained key sponsors through innovative marketing strategies and long-term partnerships.
Challenges Ahead for Penske and RCR
- Loss of Key Sponsors: Penske and RCR’s significant drops highlight a need to rejuvenate their sponsorship portfolios.
- Opportunity in SHR’s Exit: With Stewart-Haas Racing exiting the scene, top teams have a chance to attract its former sponsors to bolster revenue.
Looking Forward to 2025
With the departure of Stewart-Haas Racing, the dynamics of sponsorship allocation are likely to shift dramatically in 2025. Teams like Penske and RCR must capitalize on this opportunity to rebound. Meanwhile, JGR and HMS have set the gold standard for sponsorship strategy, continuing to thrive even amid broader industry challenges.
The battle for the top spot in sponsorship revenue will be closely tied to on-track performance, fan engagement, and innovative marketing heading into the new season.