GM Renews Daytona International Speedway Sponsorship

General Motors has renewed its long-time sponsorship of Daytona International Speedway, according to a report Wednesday in the Detroit News.

The deal comes with a cheaper price tag than before and will be on a year-to-year basis, the report said. Financial terms were not released.

Economic woes are wearing on GM, and there was concern that the automaker would be forced to end its sponsorship of NASCAR's most prestigious event.

The new deal was finalized Dec. 19, the report said, the same day the U.S. government announced it would give GM up to $17.4 billion in short-term loans.

"It was a coincidence that the agreement was signed the same day we got the bridge loan," Chevrolet spokesman Terry Rhadigan said, according to the report. "It was in the works when we started discussions back in the fall. Let's just say it's a fraction of what it had been in previous years, dollar-wise."

GM has sponsored Daytona for over 40 years. The Daytona 500 drew 33.5 million television viewers a year ago, and the 2009 race is slated for Feb. 15 on FOX.

Source: Detroit News