Indianapolis, IN -- (Sports Network) - Officials from the Indy Racing League announced on Thursday that Izod, a clothing division of Phillips-Van Heusen Corporation, will serve as the IndyCar Series' title sponsor, beginning in 2010.

Izod will become the series' first title sponsor since 2001. Financial terms of the six-year agreement were not disclosed, but the deal is reported to be $10 million per year.

"Our relationship with the Izod brand has been on the fast track since they day we began our partnership in 2008, and we are thrilled they have taken a bigger and more vital role in our sport," said Terry Angstadt, president of the commercial division for the Indy Racing League.

Izod has been the official apparel sponsor of the series since July 2008, and served as primary sponsorship for Ryan Hunter Reay when he drove for Rahal Letterman Racing last year.

"It's a really good sign for the IndyCar Series to have a company like Izod step up their commitment to the title sponsor level," reigning IndyCar champion Dario Franchitti said.

The Izod IndyCar Series kicks off its 2010 season on March 14 in Brazil.