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Angie's List won't renew Grand Prix of Indianapolis sponsorship

Posted at 1:52 PM, Nov 28, 2016

INDIANAPOLIS -- The Angie's List Grand Prix of Indianapolis will have a new name going forward as the Indianapolis Motor Speedway seeks a new title sponsor.

IMS said Monday that Angie's List had not renewed its sponsor contract for the 2017 season.

The race, initially launched in 2014 as the Grand Prix of Indianapolis, was sponsored by Angie's List during the 2015 & 2016 runnings. Angie's List's sponsor contract didn't extend beyond 2016.

“We’re thankful for the help of Angie’s List in getting a new event up and running and have enjoyed the last few years of partnership," the IMS said in a written statement. "Moving forward, we believe the new event name presents an opportunity to better position and explain the race to fans and potential partners.”

Angie's List also released a short statement, saying the company had "opted to invest elsewhere."

“We thoroughly enjoyed our title sponsorship of the Grand Prix," Angie's List said in the statement. "It was a fun to be a part of the race.  We've however opted to invest elsewhere and not renew the sponsorship."  

The race will now be called the IndyCar Grand Prix of Indianapolis, at least until a new title sponsor is found.

Angie's List has gone through a number of changes since former CEO William Oesterle announced his resignation in April 2015.

The company was the subject of an ultimately unsuccessful buyout attempt in November 2015 by New York-based InterActiveCorp.

In March of this year, Angie's List dropped its long-time paywall for access to ratings and reviews.

Then earlier this month, Angie's List reported a third-quarter loss of $16.8 million. The company also agreed to pay a $1.4 million settlement in August over accusations it manipulated reviews.

CEO Scott Durchslag said earlier this month following the reported loss that the company was seeking "strategic alternatives."

READ MORE | Angie's List agrees to pay $14 million settlement on accusations it manipulated reviews | Angie's List CEO William Oesterle to resign