B&W Signs $50 M, 3-Year Deal with Team KOOL Green Louisville, KY. (December 9, 1998) - Brown & Williamson Tobacco Corporation (B&W) announced today that it has reached an agreement with Barry Green, owner of Team KOOL Green, under which B&W...
B&W Signs $50 M, 3-Year Deal with Team KOOL Green
Louisville, KY. (December 9, 1998) - Brown & Williamson Tobacco Corporation (B&W) announced today that it has reached an agreement with Barry Green, owner of Team KOOL Green, under which B&W will invest more than $50 million sponsoring the team over a three-year period through the 2001 season.
Bert Kremer, Director, Sponsorship and Promotions for B&W said the agreement represents a major commitment that will provide consistency, continuity and stability for both B&W and Team KOOL Green.
"This agreement is indicative of the mutual benefits that the partnership between Brown & Williamson and Team KOOL Green has yielded over the past three years," said Kremer.
"We believe that this agreement provides both parties with the means of achieving the objectives each seeks from motorsport. Naturally, Barry and his team want to win championships. We at Brown & Williamson have our own objectives, including to improve the image of our KOOL brand, the opportunity to instill pride in our employees, and to give something back to millions of American auto racing fans by helping provide a high quality, entertainment property.
This new agreement exemplifies our enormous confidence in Barry Green, all of the members of Team KOOL Green and in CART open-wheel racing," concluded Kremer.
Andrew Craig, the chairman and CEO of Championship Auto Racing Teams, Inc., echoed Kremer's confidence in the series' future. "In the three years KOOL has been involved in CART racing, they have proven to be one of the most effective and professional sponsors in sport," said Craig. "They understand our medium and know how to make it work for them, while helping to build the series overall. CART is delighted with this announcement. It underscores the return that can be achieved as a sponsor of a top team in Champ Car racing."
Team owner Barry Green also lent support to Kremer's comments, saying that the agreement will provide Team KOOL Green with the long-term security needed to enable the organization to concentrate on its basic objective - winning championships. "The amount of money which will flow to Team Green as a result of the agreement - representing the great majority of the cost of running cars - will spare the team's owners the effort which might otherwise be expended in recruiting several co-sponsors. It is likely that only one co-sponsor will be required to enable the team to operate with full efficiency, free from financial concerns.
"I am especially pleased that the agreement is with KOOL, a brand that recognizes the business value of investments in motorsport," Green commented.