NASCAR’s verbal agreement to pitch in $2 million extra to Mayor Johnson’s administration ahead of future Chicago City Street Races
The return of NASCAR to downtown Chicago has seemingly created a substantial monetary boost for Mayor Johnson’s administration. The latter reportedly has a verbal agreement with the stock car association whereby the racing organization promised an additional $2 million for the street race this year and the one after it.
According to a report by the Chicago Tribune, the organization has verbally committed (based on an open records request) to an extra $2 million towards the 2024 street race to help with the cost of city-incurred charges.
Such an inflow of funds is supposed to offset the costs involved with logistics, setup, and additional considerations that may be relevant. The reported agreement showcases the Stock Car Association’s will to provide a financially viable event for the city of Chicago.
Speaking to the Chicago Tribune, a NASCAR spokesman said:
“For 2024 and beyond, [we] wanted to deepen our relationship and commitment to Chicago by increasing our annual contribution to the city [with $2 million in] “additional direct financial support to the city.”
In the City of Chicago Statement on the Return of the NASCAR Chicago Street Race released on October 4th, 2023, the organization also promised to further improve small minority and women-owned businesses alike and local charitable donations as well. The statement articulated:
“NASCAR has committed to growing its impressive investments in Chicago communities and expanding opportunities for small-, minority- and women-owned businesses to participate as vendors in 2024.”
With the return to the city already generating excitement, this verbal agreement was a sign that a joint venture has been committed to ensuring not only fan enjoyment but also the profitability of such a race.
The race will be held on July 6 and 7th. With the tax fees factored in, the tickets for general admission to both days are over $300.
NASCAR’s success at Chicago Street Race attracts new broadcasting partners, says President Steve Phelps
NASCAR President Steve Phelps accredits the success achieved by the first Chicago Street Race to signing new broadcasting partners, Amazon Prime Video and Warner Bros.
Highlighting the role of the Chicago event in helping people view this sport differently, in a recent interview with The Athletic, Phelps stated that new partners would be attracted by the Stock Car Association due to its changing direction as a positive influence brought about by the Chicago street race. He said:
“I honestly believe two of our new partners (Amazon and Warner Bros.) are on board because of the direction the sport is gone, and one of those things is the Chicago Street Race. I know that because I was told that.”
According to Forbes, the inaugural street race event in Cup Series history marked a significant achievement for NBC, delivering its highest ratings in six years. This race carried a Total Audience Delivery (TAD) of 4.795 million, which made it NBC Sports’ most-watched NASCAR race since August 2018 on this network.
The Chicago Street Race went on to set the streaming record with 163,500 viewers on NBC Sports’ Peacock, once again demonstrating its attractiveness.
