Rolex becomes the title sponsor of the Australian Grand Prix
As the Australian Grand Prix will receive support from Rolex in 2013, Melbourne intends to keep its event beyond 2015.
Rolex is determined to maximize its media exposure as part of its new agreement with F1. Thus, it will become the title sponsor of the first race of the season in Australia, where it replaces Qantas.
The national airline had held this role for the past three seasons. However, it is not abandoning the event completely as it will remain a partner.
As for Rolex, the investment made to become the official timekeeper of F1 will be maximized as the Australian Grand Prix, being the first race of the season, is one of the most watched events despite the less favorable time difference. Gian Riccardo Marini, CEO of the Swiss brand, stated: “We are thrilled to be the title sponsor of the Australian Formula 1 Grand Prix. It’s a great way for Rolex to begin a long partnership with Formula 1. As the official timekeeper of F1, a partnership we announced before Christmas, we will obviously support F1 at all the races, but we thought being the title sponsor of the first race was a strong sign of our passion and commitment.”
Moreover, the issue of funding the event remains a hot topic in the Australian city since the 2012 edition left a 56 million Australian dollar bill to taxpayers. Nevertheless, the media impact of the event still seems to have the favor of local officials. That’s why Prime Minister Ted Baillieu has already stated that negotiations would begin in due course to ensure the city’s presence on the calendar beyond the 2015 deadline: « There are still three races with the current contract. We will see when this contract is completed, but we will start discussions when necessary. I will not go into details. »
A controversy erupted at the end of January when certain contractual details spread in the local press. One of them was the fee owed to Bernie Ecclestone for the 2015 edition, which was set to reach 36 million Australian dollars. However, this kind of detail is considered sacrosanct by the F1’s chief financial officer as he does not want to provide any information that could be used by other circuits in their own negotiations.
With the participation of www.Racingbusiness.fr
