Forget your costs, work out what you can do for them and what value it will have to them. That is all they will care about.
For example a ad in a local paper might cost �400. An article you get placed might be worth the same if you get a pic of your kart with your sponsor visible. In my experience newspapers remove mention of sponsors from articles -- they would prefer the sponsor to buy an advert.
With 8 race meetings you might get 16 articles if your good at placing them, value �6400 -- if your sponsor agrees with the analysis, they might half or worse.
Sell them on things you can put a monetary value on equal to the amount you want off them. Then add all the intangibles, helping local boy make good, sporting kudos, hitech kudos, etc. They are bonus to your sponsor.
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