The sponsor LG could commit to a team
The electronics giant, LG, is considering ramping up its commitment in Formula 1 through its sponsorship contract. At the end of last year, the South Korean brand was appointed as a sponsor for the world championship. Its logo is thus visible in television show openings, on timing sheets, or on the track. Contract amount, 15 […]
The electronics giant, LG, is considering ramping up its commitment in Formula 1 through its sponsorship contract.
At the end of last year, the South Korean brand was appointed as a sponsor for the world championship. Its logo is thus visible in television show openings, on timing sheets, or on the track. Contract amount, 15 million dollars per year (more than 10 million euros).
While the agreement spans four years, the business magazine SportsPro reports that the multinational’s director, Andrew Barrett, intends to expand LG’s involvement in sponsoring a Formula 1 team.
LG examined the question of whether sponsoring a team was possible under the agreement signed last November with Bernie Ecclestone’s Formula One Management (FOM), and responded: « I cannot answer precisely because we are not focused on past clauses. »
« We have decided to make our first appearance in Formula 1 by supporting the sport as the foundation of our relationship with the championship. But I don’t think I’ll stop there. »
« I’m not saying that we will support a team, but I’m not ruling it out either, » added Barrett.
