the IZOD IndyCar Series Edmonton Indy at Edmonton City Centre Airport on July 22, 2012 in Edmonton, Canada.

Report: Another racing series suffers massive blow, expects to lose its major sponsor

Verizon has been the IndyCar series sponsor since 2014, but it appears as if the two sides will be ending their relationship after 2018.

Verizon officially signed on as the sponsor for about $10 million annually in 2014, and IndyCar CEO Mark Miles confirmed to Adam Stern of the Sports Business Journal that it's unlikely Verizon will stay on as the sponsor after the 2018 season.

"It's likely that the relationship will change, but we're hopeful that (the relationship) will continue," Miles said.

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Stern reported that it's possible Verizon will stay with the series in another capacity.

Verizon replaced Izod as the official sponsor, and Stern said it is unclear whether Miles has begun reaching out to other companies for a possible sponsorship.

Miles has time to secure another sponsor as Verizon's deal has another year left, so they don't necessarily have to panic about sponsorship just yet.

(h/t Sports Business Journal)