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from the live audience and worldwide television and radio
broadcasts of the races and, as a result, charge higher
sponsorship fees. Mr. Agajanian estimated that Indy sponsorship
fees for the competitive teams in the 1997 and 1998 IRL seasons
ranged from $3 million to $6 million per car. For the Indy
teams, in general, during the 1997 and 1998 IRL seasons, Mr.
Agajanian explained, the total fees ranged from $2 million to $10
million per car.
Mr. Agajanian concluded that the amount Menards spent on the
TMI expenses was reasonable, especially when considering TMI’s
“dominant performance” during 1997 and 1998. Assuming that
Menards spent between $5 million and $7 million each year for two
cars, Mr. Agajanian compared that price of $2.5 million to $3.5
million per car to the market price and determined that Menards
“more than received fair value” in exchange for the TMI payments.
b. Value of Sponsorship Benefits Menards Received
Relying on Mr. Caponigro’s and Mr. Agajanian’s expert
reports, petitioners argue that, in light of the media exposure
Menards received through its involvement with TMI and other
advertising benefits, the TMI expenses were reasonable in amount.
However, respondent criticizes the expert reports, calling Mr.
Agajanian’s report “vague and unsupported” and questioning Mr.
Agajanian’s impartiality due to his business relationship with
Mr. Menard. Respondent argues that the experts should have
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