Nextel merges with phone rival.

NASCAR title sponsors Nextel have merged mobile-telecommunications rivals Sprint in a deal worth an estimated $35 Billion in stocks and shares.

The merger, which will create the third largest telecommunications company in the United States, sees the firm re-named Sprint-Nextel, although the Nextel name could disappear in the future.

Although it is regarded as a merger of equals, Sprint president and Chief Executive Officer Gary Forsee will continue in the same role with the new company while Nextel CEO Timothy Donahue is set to become the new Chairman.

While the NASCAR Nextel Cup title will remain in 2005, a further name change could be in order for future years.

"NASCAR is excited about the merger opportunity for its friends at Nextel," stated NASCAR supremo Brian France. "Nextel's leadership has built an outstanding company and successfully served its millions of customers.

"Once the merger is completed, the company will have greater resources in technology, services, and the ability to reach its customers. All of this will benefit the NASCAR relationship and will provide NASCAR the opportunity to reach new fans nationwide.

"NASCAR's premier national series will continue to be known as NASCAR NEXTEL Cup in 2005 and will build on the outstanding success of the 2004 season. NASCAR's 10-year agreement remains in place and all of NASCAR is looking forward to great success in the years to come."