FedEx renew as CART title sponsor.

FedEx Corp. have reached an agreement with CART to continue their title sponsorship of the the fastest racing series on earth. The agreement extends FedEx sponsorship of the "FedEx Championship Series" for up to four years. Financial terms were not disclosed. The sponsorship began in 1998.

"CART is a valuable sports property which has been very effective for FedEx and has provided a multi-media platform to communicate the evolution of FedEx during the last four years," said Brian Philips, FedEx vice president of U.S. Marketing. "The sponsorship also has allowed for incremental revenue as well as significant opportunities to build the brand in more than 200 countries."

As part of the agreement, FedEx will remain the official transportation company of the FedEx Championship Series. This allows FedEx a flexible venue to continue to build the brand both domestically and abroad through advertising, onsite race promotions and customer programs.

CART and its individual teams have come to rely on FedEx for the time-definite shipment of high value engines and other important race parts. In addition to day-to-day business, CART also is an important customer of FedEx Charters using the air service to ship the series to overseas venues in Japan, Australia, Germany and the United Kingdom. FedEx also supports CART with shipping sites at race locations.

"FedEx and CART share natural synergies such as speed, teamwork and reliability that have served both organizations well working in concert since 1998," said Joseph Heitzler, CART President and CEO. "We appreciate the support FedEx has provided CART over the past four seasons and we look forward to continuing to work together to achieve our goal of building the CART FedEx Championship Series into one of the world's leading sports entertainment properties."