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prominent.” Mr. Caponigro estimated that IRL primary and
associate sponsorship values range from $2 million to $20 million
and $100,000 to $5 million, respectively.65
After reviewing the extent of Menards’s involvement with
TMI, Mr. Caponigro classified Menards as a “primary/foundation66
sponsor” for both 1997 and 1998. Mr. Caponigro reached this
conclusion for 1997 even though Glidden had “some graphic
designations and positioning as would a primary sponsor on some
teams” and the Joyce Julius reports categorized Glidden as the
primary or “team” sponsor. According to Mr. Caponigro,
regardless of other sponsor’s logo positioning on the TMI race
65In his expert report, Mr. Caponigro combined CART with the
IRL to construct these sponsorship value ranges. As a result, we
suspect that the range of values may be exaggerated. CART races
take place all over the world, including races in Europe and
Australia. Additionally, the CART schedule contains more races
than the IRL schedule. According to Mr. Caponigro, the annual
IRL team budgets range from $2 million to $25 million or higher,
whereas the CART budgets range from $5 million to $50 million or
higher. Petitioners’ second expert, Cary J.C. Agajanian, also
indicated that CART teams typically spend more than IRL teams.
Clearly, CART teams compete on a grander scale than the IRL
teams, require more operating funds, and would need more money
from sponsors to help offset the team’s operating costs. We
disagree with Mr. Caponigro’s assertion that CART and the IRL are
similar enough to warrant “frequent comparisons” between the
teams for purposes of valuing an IRL sponsorship. Accordingly,
we disregard as irrelevant the references in his expert report to
CART.
66According to Mr. Caponigro, a foundation sponsor is the
team’s core sponsor, which maintains a continuous presence.
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