California-based automotive company Lucas Oil has purchased the naming rights to the motor racing track previously known as Indianapolis Raceway Park from the National Hot Rod Association (NHRA).

The track, which hosts the NHRA's signature event, the Mac Tools US Nationals, as well as Nascar's Nationwide and Camping World Truck Series races, has been known as O'Reilly Raceway Park since 2006.

While specific financial details and the length of the contract have not been released, the deal is believed to be worth US$500,000 per year.

Lucas Oil, which was founded by trucker Forrest Lucas in 1989, already sponsors several Nascar, NHRA and Indy Racing League events, as well as holding the naming rights to the Indianapolis Colts' NFL stadium, a US$120 million, 20-year agreement signed in 2008.

Source: SportsPro