Which NASCAR Cup team earned the most revenue from sponsorship in 2023?

NASCAR is heavily dependent on its sponsors, and here is a breakdown of the 2023 sponsorship revenue.

Which NASCAR Cup team earned the most revenue from sponsorship in 2023?

NASCAR Cup Series (Credits: Kyle Rivas, Getty Images)

The importance of sponsorship in NASCAR cannot be stressed enough. The sport heavily depends on its sponsors, evident every race weekend. Recently, a new report revealed the sponsorship revenue of each Cup Series team in 2023. And there have been quite a few surprises.  The cars can be spotted bearing multiple sponsors’ names during the races. As per the reports, the NASCAR teams’ annual revenue depends on sponsorships by 60-80 percent.

This percentage is significantly higher than in other sports. A new report by Forbes detailed the Cup Series teams’ sponsorship revenue for the 2023 season. And the top dog is a surprise. Team Penske with its 38 sponsors, generated approximately $140.94 million. However, the number also includes sponsorships with the IndyCar team. 

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Richard Childress Racing, with 53 sponsors and $104.55 million, is second on the list. Then comes Joe Gibbs Racing, as they have 34 sponsors and revenue of $98.95 million. The fourth and fifth teams are Hendrick Motorsports and Stewart-Haas Racing at $92.67 million and $70.49 million, respectively. Front Row Motorsports has an estimated revenue of $43 million, and Roush Fenway Racing is over $36.66 million.

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23XI Racing is slightly over $30 million, and Legacy Motor Club is around $20 million. Another surprise is Trackhouse Racing which is second last with a revenue of $13.74 million. The final name on the list is Spire Motorsports $11.14 million in revenue. All the 407 sponsorship deals have an estimated value of slightly over $767 million. It is safe to say that there have been some surprises. 

The sponsor revenue was one part of the 2023 report. There was another portion about NASCAR’s specific sponsors in all three series generated by the Global Data Intelligence Center. Chevrolet holds the first spot spending $48.05 million. Then came Coca-Cola, Busch Light, and GEICO, who spent a similar amount. Sunoco and Goodyear spent $26.5 million and $25 million annually. 

Related: Has there ever been a NASCAR race without a crash? 

NASCAR teams are worried as they claims the teams business model is a failure

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NASCAR Cup Series ( Credits: Yahoo Sports)

Four times Cup series champion and Hendrick Motorsports Vice Chairman Jeff Gordon and other Cup team officials raised concerns about NASCAR’s business model, which relies on sponsors, last October. They believe the economic model is broken for the teams and are concerned. 

Curtis Polk, an investor in 23XI Racing, told the media, “The sustainability of the teams in this sport is not very long-term unless we have a fundamental change in the (business) model.” The Cup Series teams are not fond of this sponsor-business model and hope to change it soon.

Jeff Gordon stated, “Where we’re currently at is not sustainable.” He revealed that the team did not make a profit in 2022, and it had been a while since they did. The NASCAR teams hope to step away from this sponsor-dependent model soon and look forward to a new sustainable future for themselves.

The sanctioning body will sign a new TV deal at the end of this seaosn, and the primary target of teams as they hope to see an increase in the percentage of revenue they get from NASCAR. They believe with the new deal, the teams’ over-dependence on sponsors can be avoided.

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