Report: Seven, Foxtel to sign V8 Supercars deal
Potential new deal could be announced as early as Tuesday.
V8 Supercars is poised to sign a new five-year agreement with Foxtel and Seven West Media as early as this week, according to media reports.
The Australian Financial Review reports Supercars chief executive Sean Seamer will speak at a Foxtel event on Tuesday.
Seven CEO James Warburton is also a former CEO of Supercars.
Sources were conflicted on what the agreement was worth, with one suggesting the deal, which includes cash payments, contra (free advertising) and revenue sharing arrangements, would be worth more than $200 million over five years. Other sources suggested it would be lower.
Sources said Seven would pay about $4 million per year, on average, not including contra or upside from revenue-sharing sponsorship deals.
The current six-year $241 million deal between 10 and Foxtel finishes at the end of the 2020 season.
Seven, Foxtel and Supercars declined to comment.