F1 Boosted By Lg Electronics Deal
Bucking recent financial concerns, F1 has been boosted by the news of a new multi-million pound sponsorship deal with LG Electronics which has signed up as a global partner for the sport.
As part of this top level association, LG acquires exclusive designations and marketing rights as the official Consumer Electronics, Mobile Phone and Data Processor of Formula 1.
As the Official Data Processor of Formula 1, LG will be identified and credited on the official live timing service at Formula One events and in the associated timing and data TV graphics. The brand will also enjoy a comprehensive package of premium marketing rights worldwide in association with the F1 brand.
The five-year agreement runs from January 2009 and will go some way towards calming growing fears that the sport was undergoing something of a financial crisis with a number of smaller teams struggling to meet the costs of participating in the global circuit.
The Super Aguri team were forced to pull out of the sport halfway through last season while Toro Rosso is also under pressure from dwindling revenues and spiralling costs.
Motorsport governing body the FIA is currently in discussions with F1 teams representative body FOTA and the sport’s supreme Bernie Ecclestone with regards to introducing cost-cutting measures to help ensure the grid remains full.
