South Korean based electronics company LG have announced a five year sponsorship deal with F1supremo Bernie Ecclestone. The deal means that LG will become an official sponsor of Formula One, with their logo visible on the international broadcast feed, time keeping systems and Graphics.
No financial details have been given, but LG’s Dermot Boden suggested that it will amount to ‘tens of million dollars’ over the five year period. “It is not a cheap arrangement” he said.
Boden insists that current sponsorship deals with Premier league football club Fulham, for instance, will not be affected. “We are not pulling back in other arrangements to make this investment,” he said. “We have some very important partnerships around the world…and we will definitely be honouring those arrangements right through.”
“One of the great things about Formula One is that there is only one Formula One…There is nothing else really to challenge it. And their choice of race locations is proving interesting now, the expansion into Asia and more into the Middle East. This is one of the first truly global alliances we have sought and I think it offers us a great opportunity to build our brand around something.”
Bernie Ecclestone dismissed talk about the impact of the credit crunch on the sport, despite the losses of the French and Canadian grand prix due to financial problems. He says that from what he has been told most of the circuits say they have more or less been sold out, adding “I don’t think anyone can say what will happen in six months.”
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