IZOD will not renew its current title sponsorship of the IndyCar Series after the end of the current deal at the end of 2013, leaving the open wheel series in urgent need of a new backer for 2014.

IZOD joined the IndyCar Series in 2008 as its official apparel provider and became the series entitlement holder in 2010.

"We are proud of our partnership with IZOD over the past six years and we're grateful to PVH Corp., owner of the IZOD brand, for its support, creativity and vision," said Mark Miles, chief executive officer of Hulman & Co. which is IndyCar's corporate parent.

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"But circumstances change and now we're seeking new partnerships with brands looking to align with the fastest, most versatile form of racing," continued Miles. "We are combining and strengthening our commercial functions at IndyCar and Indianapolis Motor Speedway, which will allow us to more aggressively pursue new opportunities for our sport."

"Our on-track competition is at an all-time high and IndyCar offers a unique activation platform with brand attributes of speed, technology and innovation," Miles added. "With changes we've made to our overall company structure and the master facility plan underway at the Indianapolis Motor Speedway, we're heading into discussions with some very creative opportunities,.

Speaking for PVH Marketing Group, executive vice president Mike Kelly explained that a change of retail focus for IZOD apparel had led to the decision to conclude the current relationship at the end of the current season.

"After an exciting relationship that has been as enjoyable and fast-paced as IndyCar itself, PVH Corp. has made the decision to not continue IZOD's title sponsorship with IndyCar beyond the 2013 season," said Kelly.

"As we and our retail partners shift the IZOD brand's product focus, we need to shift our marketing spend to complement it," he continued. "We would like to thank the IndyCar community, from the amazing fans, to the incredible drivers, to the entire series, for their partnership.

"We wish the series all the best and we look forward to finishing out the 2013 season with much success," he added.