The move marks a deepening of IZOD's prior involvement in the sport, which has seen them personally sponsor driver Ryan Hunter-Reay who has also been the face of the company's marketing campaigns for the last two years.

“When people ask about the priorities of the business side of our business, to secure a title sponsor was number one through ten,” said Terry Angstadt, President of the IRL's commercial arm

“The key attributes that IZOD really likes about [Indycar] are speed, diversity and green,” described Brian Barnhart at Thursday's Press Conference at the Indianapolis Motor Speedway. “IZOD will work very closely with the Indycar Series to portray the Indycar Series as the fastest race on earth.”

“The combination of young, dynamic drivers representing over 14 countries, events in key domestic and global markets and its strong American racing heritage make the Indycar Series a perfect fit for the sport-spirited IZOD brand lifestyle.”

The series will become officially known as the IZOD Indycar Series with immediate effect, with PVH, which also oversees brands such as Calvin Klein and Timberland, looking forward to additional advertising on the Series' TV partners. The deal also gives them access to the “motorsport assets and graphics” of the Indianapolis Motor Speedway Hall of Fame for events.

In return the Indycar teams that are committed to the full season are guaranteed a financial injection through the IZOD Indycar Series Team Enhancement and Allocation Matrix, on top of exposure away from the track, as the sanctioning body hopes to correct the thinning entry lists of the last year.

“It's another sign that the Indycar Series is moving in the right direction,” said 2009 champion Dario Franchitti. “To announce a title sponsor in this type of economic environment is pretty cool. The fact that IZOD have been associated with the series, they've really liked what they've seen and they're moving up.”

“It's been a rough couple of years for the racing industry,” admitted Marco Andretti. “This just goes to show that the support is still out there. IZOD has been really supportive over the past few seasons and has done great things with the Indycar name.”

Further plans for promotions in 2010 and beyond are expected to be announced before the season opener in Brazil, scheduled for March 14.