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Charlotte, N.C. — Sprint informed NASCAR it won't extend title sponsorship of the top Sprint Cup Series beyond its current contract, which expires after the 2016 season.

The wireless carrier assumed a 10-year sponsorship agreement with NASCAR when it acquired Nextel in 2005. The Nextel Cup Series became the Sprint Cup Series in 2008, and Sprint later agreed to a three-year extension that took the contract through 2016.

Now, the company is citing "a need to focus more directly on its core business priorities," in ending its relationship with NASCAR. SoftBank bought out Sprint in 2013 and the change in leadership has led to a new CEO and changing marketing strategies.

The announcement Tuesday gives NASCAR two seasons to find a replacement, and NASCAR chief communications officer Brett Jewkes said the series understands that significant changes within Sprint led to the decision.

"The NASCAR Sprint Cup Series is a very unique, premium sports marketing platform with strong momentum, so we are very confident of moving forward in 2017 with an outstanding new partner," Jewkes said in a statement.

Sprint's exit means NASCAR will enter a new entitlement agreement for just the fourth time since 1971, when RJ Reynolds began its 33-year sponsorship of the top series through its Winston brand. RJR pulled out after the 2003 season and Nextel stepped in until Sprint's corporate merger.

Since Sprint stepped in, the wireless carrier has implemented fan-friendly innovations ranging from a new generation scanner in 2005, a mobile app in 2008 and the Miss Sprint Cup ambassador program in 2007. The Miss Sprint Cup program has more than 1.5 million social media followers.

Sprint is also responsible for funding the season-ending point fund, which was approximately $22 million this past season and awarded $4.8 million to first-time champion Kevin Harvick.

Sprint also promotes the series through various marketing campaigns.

NASCAR signed a deal with Xfinity this year to replace Nationwide as entitlement sponsor of the second-tier series, and NASCAR extended its current deal with Camping World through 2022 for title sponsor of its Truck Series.

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