<PAGE>

[Confidential treatment is being sought for certain portions of this Exhibit, as
indicated by a "[*]" symbol and footnoted as "ommitted pursuant to Rule 406."
Such omitted portions have been filed with the Securities and Exchange
Commission.]

                                                                   Exhibit 10.26
                                                                   -------------

                        Associate Sponsorship Agreement
                        -------------------------------

     THIS AGREEMENT is entered into as of this 17/th/ day of December , 1999 by
and between King Entertainment, Inc., a Texas corporation, and Kenneth D.
Bernstein (hereinafter collectively referred to as "Owner"), with a main place
of business at 1105 Seminole, Richardson, TX 75080 and Prolong Super Lubricants,
Inc. (hereinafter "Prolong"), with a principal office at 6 Thomas, Irvine, CA
92618, party of the second part.

     WHEREAS, Owner represents that it owns sufficient equipment and has
retained all necessary personnel to enter a Top Fuel drag race vehicle in and
compete in all year 2000  national events conducted and sanctioned by the
National Hot Rod Association ("NHRA");

     WHEREAS, Prolong is engaged in the business of formulating, producing and
selling lubricants and car care appearance products, which products Owner
intends to use in its Top Fuel race vehicles;

     WHEREAS, the parties desire to enter into an agreement under which Prolong
will agree to provide financial sponsorship for Top Fuel drag race vehicles
owned by Owner and a race team affiliated with Owner entered in the year 2000
NHRA national events;

     WHEREAS, Owner represents and warrants that it has not previously granted
the promotional and other rights herein granted for the year 2000 and that such
rights granted to Prolong will not conflict with any rights granted to Owner's
primary sponsor.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein
and intending to be legally bound hereby, the parties agree as follows:

     1.   Definitions.  The following terms shall have the specified meanings
          -----------
     for the purposes of this Agreement.

     a)   "Racing Event" or "Race" shall mean all events included within the
     year 2000 schedule of national events sponsored and sanctioned by NHRA, a
     listing of which for 2000 is included on Exhibit A to this Agreement.

     b)   "Race Team" shall include the cars owned by Owner and to be entered in
     the races, Kenneth D. Bernstein as the driver, and mechanics, crew chief
     and all other persons retained or hired by Owner to provide services
     related to participation in the races.

     c)   "Driver" shall mean Kenneth D. Bernstein.

     d)   "Race Car" shall mean a Top Fuel drag race vehicle designated as the
     "Budweiser King Top Fuel Dragster", owned and operated by Owner and entered
     in all Races.

2. Sponsorship.  Owner hereby grants Prolong an associate sponsorship and
   -----------
   promotional rights for the Driver, Race Team, race cars and support vehicles,
   all as more fully provided in this

                                       1
<PAGE>

     Agreement. Prolong acknowledges that Anheuser-Busch Companies, Inc.
     (Budweiser) is the primary sponsor of the race car and race team, and that
     Prolong's rights hereunder are subject to Budweiser's primary sponsorship
     rights.

3.   Racing Obligations.  Owner represents and warrants that it owns sufficient
     ------------------
     equipment, has retained or will retain the services of personnel to perform
     and hereby covenants to perform the following racing responsibilities:

     a)   Owner shall own and make available one or more Top Fuel drag race
     vehicles to compete in the Racing Events herein defined, and shall provide
     garage, repair and storage facilities for the Race Car.

     b)   Kenneth D. Bernstein shall serve as driver for the entire year 2000
     NHRA season and for other promotional services and personal appearances
     necessary to carry out this Agreement. In the event Kenneth D. Bernstein
     should be unable to serve as driver during the term of this Agreement due
     to injury or illness or circumstances beyond the control of Kenneth D.
     Bernstein, Owner shall retain a qualified substitute driver to complete the
     events and provide promotional services and personal appearances over the
     term of this Agreement, which substitute driver shall be acceptable to
     Prolong.

     c)   Owner shall provide all parts, accessories, equipment, trailers and
     transporters necessary to enter all Racing Events, and shall service,
     maintain and repair the Race Cars so that they are in good condition and
     repair suitable for use in all Races.

     d)   Owner will retain the services, for all Racing Events throughout the
     term of this Agreement, personnel necessary to enter all Races.

     e)   The Race Car shall prominently display the Prolong logo in seven
     locations. The exact location and size of the Prolong identification on the
     Race Car shall be as agreed upon by Owner and Prolong. The race car
     transporter shall display Prolong identification on both side panels and on
     rear door, in sizes and locations to be mutually agreed by Owner and
     Prolong. No identification of any entity which manufactures, sells or
     distributes lubricants or car care appearance products shall be displayed
     on the Race Car or transport vehicles, except that of Prolong's
     identification, excepting that if Prolong ceases marketing car care
     appearance products Owner shall be then be entitled to display another
     enitity's identification in association with car care appearance products.

     f)   Owner shall provide crew and driver uniforms which prominently feature
     Prolong identification and shall require the Driver and all crew members to
     wear such uniforms during all races, and during qualifying and practice
     runs on Saturdays and Sundays of race weekends. No identification or logos
     shall appear on the Driver or crew uniforms that conflict with Prolong
     Super Lubricants. For the year 2000, Prolong will be placed on the front of
     the Driver and crew uniforms.

     g)   Owner shall enter, use their best efforts to qualify in and race the
     Race Car in each 2000 Racing Event.

                                       2
<PAGE>

     h)   Owner shall not enter any race car not sponsored by Prolong and that
     does not bear the Prolong color scheme and identification in any NHRA
     national drag racing event during the term of this Agreement.

     Provided, however, that should Owner determine to field a second (or more)
     race cars during the contract period, Owner shall afford Prolong the first
     right of refusal as associate sponsor for such race cars and teams. Owner
     shall notify Prolong of any such opportunity and Prolong will have 15
     (fifteen) days from date of written notification to exercise its option. In
     the event the parties fail to reach an agreement within the 15 (fifteen)
     day period or should Prolong decline to sponsor a second (or more) race
     cars, Owner may contract with another manufacturer or distributor of
     lubricants or lubricant related products as either a primary or associate
     sponsor of such second (or more) race cars. Kenneth D. Bernstein's name
     shall not be used to promote or endorse any product that conflicts with
     Prolong on any additional race cars.

4.   Promotional Responsibilities of Owner.  Owner and its employees shall
     -------------------------------------
     provide the following promotional services for Prolong.

     a)   Owner's car, Driver, race crew, supporting personnel and car shall be
     known collectively as the "Budweiser King Race Team", and shall be thus
     designated, when appropriate, in all press releases, promotional material
     and all other material released to the public by Owner and all such
     material shall include reference to the team's associate sponsorship by
     Prolong, when appropriate.

     b)   The Driver shall at no additional fee, appear at 4 events each year
     during the contract period as designated by Prolong, at locations other
     than the race track. Such appearances shall include, but not limited to,
     participation in the preparation of television, radio or magazine
     advertising for Prolong Super Lubricants if requested by Prolong, public
     appearances, photographic and recording sessions, sales meetings and trade
     shows. Prolong shall reimburse Owner for reasonable expenses of the Driver,
     and or crew, incurred in such appearances (air fare, lodging, local
     transportation and meals), upon presentation of supporting documentation.
     Appearances by the Driver, in excess of 4 each year, shall be at a fee of
     [*] per appearance. Owner, the Driver and other team members shall not be
     entitled to any additional compensation for such appearances.

     All appearances by the Driver on behalf of Prolong shall be subject to the
     reasonable approval of Owner, and shall be consistent with and designed to
     preserve and foster the good name, reputation, and public image of Kenneth
     D. Bernstein. All appearances shall be scheduled during normal business
     hours unless otherwise approved by Owner, not to exceed one hour in length
     and will not conflict or interfere with racing activities.

     Prolong agrees to attempt to give Owner at least 10 days prior notice of
     the times and places the Driver is to appear. Owner agrees to exercise its
     best efforts to comply with such requests and agrees not to withhold its
     consent to any appearance unreasonably, consistent with the Driver's travel
     and racing schedule.

                                       3
<PAGE>

     c)   Owner, the Driver and the Budweiser King Team shall not, during the
     term of this Agreement, endorse, participate in the advertising of or
     permit its or their names, trademarks, likenesses, logos or other
     identifying marks to be used in the advertising or promotion of any
     lubricant or car care appearance products, other than that of Prolong,
     except as provided for in 3(h). The Driver shall not drive any race car or
     wear any uniform bearing the identification of any manufacturer of
     lubricants or car care appearance products other than Prolong without the
     written consent of Prolong.

     d)   Owner or his designated delegate shall use their best efforts in and
     cooperate with Prolong in other promotional activities not specified herein
     at the reasonable request of Prolong.

     e)   The Driver and other crew members shall wear uniforms bearing Prolong
     identification in the winner's circle or designated winner's area at all
     race tracks, and Owner shall distribute hats bearing Prolong's
     identification (furnished by Prolong) to be worn, when appropriate, by some
     or all crew members and associated personnel in all such areas.

     f)   Owner shall have no right to use or license to third parties any of
     Prolong's names, logos, trademarks or other identifying marks without the
     prior consent of Prolong. Prolong consents the use of Prolong's name and
     trademark as displayed on the Race Car by the primary sponsor and secondary
     sponsors of the Race Car in advertising and promotional material. Prolong
     also agrees that Owner may use Prolong's name and trademark for the purpose
     of producing souvenir items that display the Budweiser King Top Fuel race
     vehicle.

5.   Other Sponsor Rights.  In addition to the other rights granted to Prolong,
     --------------------
     Owner hereby grants Prolong the following rights and privileges:

     a)   During the term of the Agreement, Prolong shall be the exclusive-
     lubricant sponsor of Owner (except as provided for in 3(h), the Driver,
     team, and the Budweiser King Top Fuel Dragster in drag racing. No decal or
     identification of any other lubricant company shall be placed on the
     Budweiser King Top Fuel Dragster.

     b)   Prolong shall have the right at no fee or compensation to Owner or
     others, to use the names "Budweiser King Race Team" and the names,
     trademarks, photographs of and likenesses of Owner, Driver, other team
     members and the Race Car in Prolong's advertising (including print, point
     of purchase, radio and television) and promotional material during the term
     of this Agreement with the prior approval of Owner, which consent will not
     be unreasonably withheld. Owner warrants that it has obtained all releases
     and/or consents necessary for this purpose, and will make such available to
     Prolong upon request. Prolong may promote its sponsorship in any manner it
     deems proper, subject to the prior approval of Owner.

     It is understood between the parties that Prolong is utilizing the image
     and likeness of Kenny Bernstein on it's product packaging, in printed ads,
     on brochures and flyers, in television commercials and in various other
     marketing media which is in wide circulation in the marketplace. Upon
     expiration of this Agreement Prolong shall cease printing and producing
     marketing materials that utilize Owners images, trademarks, and references.
     In the event

                                       4
<PAGE>

     Owner contracts with another lubricant manufacturer or another car care
     appearance manufacturer, Prolong shall expedite the phase out of Owners
     images and shall make its best effort to cease using, in any material way,
     Owners images prior to Owners start date under his contract with his new
     sponsor. In the event this agreement expires and Owner does not contract
     with a lubricant or car care appearance product manufacturer, Prolong shall
     be allowed to work off its remaining inventory of printed materials,
     whether on packaging or otherwise, but in any event not to exceed six
     months after expiration of this agreement. In the event Prolong continues
     to work off marketing inventory containing Owners image, and Owner has no
     direct conflict with another current sponsor, Prolong shall pay to Owner
     [*] per month, up to a maximum of six months, for each month Prolong is
     using Owners image in the marketplace.

     c)  During the term of this Agreement, and without payment or consideration
     other than the sponsorship fee and as provided in Paragraph 4 (b), Owner
     and Kenneth D. Bernstein consent to the non-exclusive use (including but
     not limited to reproduction, display, broadcasting, televising, publication
     and distribution) in any media of Kenneth D. Bernstein's name, biographical
     information, photograph and any other likeness including caricatures,
     either in whole or in part and in any form, style, size and color selected
     by Prolong and approved by Owner (which approval shall not be unreasonably
     withheld). Kenneth D. Bernstein agrees that his name, biographical
     information, and photograph or likeness and the name and photograph or
     likeness of the Budweiser King Top Fuel Dragster may be used for the
     aforesaid purposes alone or in conjunction with each other and/or with
     sketches, cartoons, captions, films, artwork, textual matter or other
     photographs. Any print or electronic advertisement involving Kenneth D.
     Bernstein and or the Budweiser King Top Fuel Dragster or Team shall be
     subject to the prior approval of Owner, which shall not be unreasonably
     withheld.

     d)  During the term of this Agreement, Owner, the Driver and the Budweiser
     King Race Team and crew shall not endorse, participate in the advertising
     or promotion of, or permit its or their names, likenesses, logos,
     trademarks or other identifying marks to be used in the advertising or
     promotion of any lubricant other than that of Prolong (except as provided
     for in 3(h).

     e)  Should Prolong desire to undertake any merchandising or souvenir
     program using the Owner's logos or trademarks, the name or likeness of
     Driver or Kenneth D. Bernstein (Kenny Bernstein) or the Budweiser King Top
     Fuel Dragster or Team, Owner and Prolong will negotiate royalty terms for
     any such program. Prolong further agrees that it shall not manufacture or
     license, or authorize any third party to manufacture, souvenirs or
     promotional items bearing the logo or trademarks or the name or likeness of
     the Driver, Race Car or Race Team without the prior written approval of
     Owner.

6.   Fee. In consideration for the obligations and services of Owner and Kenneth
     ----
     D. Bernstein and the sponsorship rights granted herein, Prolong agrees to
     pay Owner a sponsorship fee for the year 2000 racing season as follows:

                                       5
<PAGE>

     [*] ([*] dollars) payable in 4 (four) equal quarterly installments and due
     as follows:

               February 1, 2000    [*]
               April 1, 2000       [*]
               July 1, 2000        [*]
               October 1, 2000     [*]

     Prolong further agrees to guarantee the use of the Budweiser King Pit Side
     Hospitality area for a minimum of 10 (ten) days during the contract period.
     The per day charge is [*] (totaling [*] for the contract period) plus cost
     for catering or any additional incidentals requested by Prolong. Payment is
     due to Owner no later than 30 (thirty) days from the date of each use.

     Prolong agrees to pay Owner a performance bonus in which Owner is deemed by
     the NHRA as the winner of the Top Fuel Championship for the season. Prolong
     shall pay to Owner a cash bonus equal to [*]% of the then current years
     cash sponsorship being paid by Prolong to Owner. Any bonus money due to
     Owner is due on or before December 1, 2000.

     In the event Owner should fail to enter a scheduled NHRA sanctioned
     national event during the contract period, other than due to circumstances
     beyond the Control of Owner, Prolong shall be entitled to a refund of a pro
     rata portion of the applicable year's cash sponsorship fee for each race
     missed, based upon the number of scheduled NHRA sanctioned national events
     for the applicable year. Notwithstanding the foregoing, no refund shall be
     payable for any missed event for which Owner participates in a substitute
     national drag race sanctioned by the International Hot Rod Association or
     in an independent drag race of comparable national prominence in Prolong's
     reasonable judgment. Owner shall exercise its best efforts to participate
     in a substitute race during the same calendar year as the missed event;
     provided that if it is impossible for Owner to participate in a substitute
     race during the same calendar year, Owner shall enter the first available
     substitute race or races held in the succeeding year.

7.   Lubricants.  Upon request of Owner and at no charge, Prolong shall provide
     ----------
     Owner with Prolong products as necessary for use in the Racing Events.
     Owner agrees that no lubricant other than Prolong shall be used in Owner's
     race cars during the term of this Agreement, except as provided for in
     3(h), as long as the Prolong product is technically capable for the
     application.

8.   Term and Option to Renew.  The term of this Agreement shall commence upon
     ------------------------
     the date hereof and shall continue in effect through December 31, 2000,
     unless earlier terminated as hereafter provided.

     Prolong shall be given the first right of refusal to sponsor Owner, the
     Race Car and the Race Team for the year 2001 NHRA season, on the same terms
     and conditions as set forth herein other than the sponsorship fee. Should
     Prolong determine to exercise its option, it shall give written notice
     thereof to Owner not later than May 15, 2000. Owner shall then, prior to
     June

                                       6
<PAGE>

     1, 2000, meet and negotiate in good faith a sponsorship fee for the 2001,
     2002 and 2003 NHRA seasons. In the event the parties fail to reach
     agreement and to enter into a written agreement prior to June 15, 2000, the
     parties shall have no further rights or obligations with respect to one
     another hereunder, other than to complete performance of this contract.

9.   Sole Risk.  Owner acknowledges and agrees that race cars entered in any
     ---------
     Race by Owner shall be entered for Owner's sole account and risk. Neither
     Owner nor its Driver, mechanics, crew, other employees or shareholders
     shall make any claim against Prolong for salary or other payment except as
     specifically provided herein.

     Owner shall obtain from its Driver and other employees appropriate releases
     in form acceptable to Prolong absolving Owner and Prolong and their
     subsidiaries, affiliates, officers, employees and shareholders of all
     liability for damages, injury or death suffered by the Driver or other
     employees as a result of or arising out of racing related activities.

10.  Liabilities and Indemnity.  Owner shall be solely responsible for all
     -------------------------
     claims and liabilities, of whatever kind, arising out of or incidental to
     its racing activities, including but not limited to, claims for personal
     injury and property damage of Owner, its Driver, Owner's employees,
     spectators, other racing teams and other third parties.

     Owner further agrees to defend, indemnify, and save Prolong, its officers,
     directors, agents and employees harmless from and against any and all
     claims, actions, suits, judgments, cost and fees, including reasonable
     attorney's fees, which arise from the acts and/or omissions of Owner, its
     Driver, mechanics, employees, agents, contractors or third parties under
     its control or which arise out of or are related to Owner's racing
     activities, transportation to and from Races, and all other acts or
     omissions of Owner and Owner's employees and agents. The indemnified claims
     include, but are not limited to, claims of Owner, the Driver, Owner's
     employees, race spectators, other racing teams and other third parties for
     personal injury, death and/or property damage.

11.  Insurance.  Owner shall obtain and keep in force a policy or policies of
     ---------
     insurance of the following types and limits to cover the Race Cars, Team
     transport vehicles, and all activities of Owner, the Team and all of the
     Owner's employees and agents during this Agreement:

     a)   Collision or casualty insurance covering the Race Cars and Team
     transport vehicles, for their full replacement cost.

     b)   Commercial general and automobile liability in combined single limits
     of at least $2 million.

     Such policies shall provide coverage on an occurrence basis and shall
     include Prolong as a named insured. No such liability insurance shall be
     deemed in any way to limit Owner's obligations under Paragraph 10 of this
     Agreement. Upon request of Prolong from time to time, Owner shall deliver
     satisfactory proof that such insurance is in full force and effect.

     c)   Worker's Compensation - as required by law.

                                       7
<PAGE>

12.  Compliance with Law.  Owner shall, at its sole expense, comply with all
     -------------------
     federal, state and local laws and regulations applicable to its business
     and racing activities contemplated hereby.

13.  Termination.  In the event of the occurrence of any of the following,
     -----------
     Prolong shall have the right to terminate this Agreement by written notice
     to Owner:

     a)   Owner should breach this Agreement in any respect, which breach shall
     remain uncured for a period of 10 days following written notice thereof by
     Prolong.

     b)   Proceedings seeking to have Owner declared bankrupt or insolvent
     should be brought by or against Owner, or Owner should cease doing business
     for any reason;

     c)   Owner should fail to enter two consecutively scheduled NHRA sanctioned
     events, unless such failure is caused by matters beyond the reasonable
     control of Owner;

     d)   If Driver fails to drive the Car in all of the Races, and such failure
     is not caused by any illness or injury to Driver or by circumstances beyond
     the control of Owner, then Prolong shall have the right to terminate this
     Agreement forthwith. Prolong shall also have the option to terminate this
     Agreement if Driver dies during the Contract period.

     f)   Kenneth D. Bernstein should sell, assign or otherwise transfer, his
     controlling interest in the Race Team or his controlling interest in King
     Entertainment, Inc.

     Upon any such termination of the Agreement, Prolong shall be entitled upon
     demand to an immediate refund of any unearned portion of the sponsorship
     fee determined in accordance with paragraph 6 (except that Owner's right to
     make up races shall not apply) and Prolong shall cease all new production
     of advertising or promotional material using Owner names.

14.  Remedies of Owner.  In the event of the occurrence of any of the following,
     -----------------
     Owner shall have the rights set forth below:

     a)   If Prolong should breach this Agreement in any respect, which breach
     shall remain uncured for a period of ten (10) days following written notice
     thereof by Owner, Owner shall have the right to terminate this Agreement at
     any time thereafter. In addition, after any such breach but prior to
     termination by Owner, Prolong shall remain obligated to perform under this
     Agreement, but Owner shall have the right to remove Prolong's name from the
     car and to terminate any exhibition of Prolong's name by the Owner, until
     such breach is cured.

     b)   If proceedings seeking to have Prolong declared bankrupt or insolvent
     should be brought by or against Prolong, or Prolong should cease doing
     business for any reason, Owner shall have the right to terminate this
     agreement.

15.  Independent Contractor.  Owner's relationship to Prolong is that of an
     ----------------------
     independent contractor, and this Agreement is not intended to and shall not
     be deemed to create any agency, employment, partnership or joint venture
     relationship between the parties hereto.

                                       8
<PAGE>

     Owner's Driver, mechanics, and other employees are not intended to be and
     shall not be deemed to be employees or agents of Prolong.

16.  Notices.  Any notice required by this Agreement shall be deemed duly given
     -------
     if deposited by certified mail, postage prepaid, addressed as follows:

     If to Owner:

     King Entertainment, Inc.
     1105 Seminole
     Richardson, TX 75080
     Attn: Kenneth D. Bernstein

     If to Prolong:

     Prolong Super Lubricants, Inc.
     6 Thomas
     Irvine, CA  92618
     Attn:  Thomas Iwanski
     Senior Vice President Corporate Development
     Chief Operating Officer

17.  Entire Agreement.  This Agreement incorporates the complete and final
     ----------------
     agreement of the parties relative to the subject matter hereof, and no
     covenant not set forth herein shall be binding. This Agreement may not be
     amended or supplemented other than in writing signed by both parties
     hereto.

18.  Binding Effect.  This Agreement shall be binding upon and inure to the
     --------------
     benefit of the parties hereto and their respective successors and assigns;
     provided, however, that Owner shall have no right to assign this Agreement
     or delegate the performance of any duty hereunder, by operation of law or
     otherwise.

19.  Applicable Law.  This Agreement shall be governed by and construed in
     --------------
     accordance with the laws of the State of California.

20.  Captions.  The captions herein are inserted for convenience of reference
     --------
     only, and shall not be used in interpreting any of the terms of the
     Agreement.

21.  No Waiver.  Any failure or delay in exercising any right or remedy
     ---------
     hereunder shall not be deemed to be a waiver of such right or remedy or of
     any other right or remedy.

                                       9
<PAGE>

   IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
this 17th day of December, 1999.



WITNESS:

                              /s/ Kenneth D. Bernstein                12/21/99
__________________________    ------------------------                --------
                              Kenneth D. Bernstein, Individually        Date


ATTEST:                       KING ENTERTAINMENT, INC.

                              /s/ Kenneth D. Bernstein                12/22/99
__________________________    ------------------------                --------
                              Its:  President                           Date


ATTEST:                       PROLONG SUPER LUBRICANTS, INC.

                              /s/ Thomas Iwanski                      12/22/99
__________________________    ------------------------                --------
                              Thomas Iwanski                            Date
                              Senior Vice President Corporate
                              Development
                              Chief Operating Officer

                                       10