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UBS inks deal to be Shanghai F1 title sponsor
By Lydia Chen |
March 3, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI Formula One organizer today found a new title sponsor, two years after Sinopec walked out of the racing track over mounting losses.
UBS inked the multi-year deal to be the biggest sponsor of the Formula 1 Chinese Grand Prix after a vacancy since 2009 when Sinopec refused to continue its contract with Formula One Management Limited, citing slumping audience attendances over the years.
David Y. Li, chairman and country head for China, UBS AG, declined to reveal how much his company paid FOM for the sponsorship, only saying it met several competitors during the process.
Sinopec, China's biggest oil refiner, was said to agree to pay US$20 million every year when it beat HSBC in 2004 to win its first three-year sponsorship for the Shanghai games, according to 21st Century Business Herald.
Qiu Weichang, deputy director of Shanghai Sports Bureau, admitted in a previous interview with AFP that Shanghai may reconsider whether to host the game in the future if it fails to find a sponsor after 2010.
The advent of the Zurich-based bank seemed to lift the bureau's confidence in the racing game. Only last month, the bureau announced it had extended its contract with Formula One Administration for another seven years.
UBS inked the multi-year deal to be the biggest sponsor of the Formula 1 Chinese Grand Prix after a vacancy since 2009 when Sinopec refused to continue its contract with Formula One Management Limited, citing slumping audience attendances over the years.
David Y. Li, chairman and country head for China, UBS AG, declined to reveal how much his company paid FOM for the sponsorship, only saying it met several competitors during the process.
Sinopec, China's biggest oil refiner, was said to agree to pay US$20 million every year when it beat HSBC in 2004 to win its first three-year sponsorship for the Shanghai games, according to 21st Century Business Herald.
Qiu Weichang, deputy director of Shanghai Sports Bureau, admitted in a previous interview with AFP that Shanghai may reconsider whether to host the game in the future if it fails to find a sponsor after 2010.
The advent of the Zurich-based bank seemed to lift the bureau's confidence in the racing game. Only last month, the bureau announced it had extended its contract with Formula One Administration for another seven years.
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