Three more years for Nova Chemicals at Toro Rosso
On the occasion of the unveiling of its new car, Toro Rosso announced that Nova Chemicals had decided to extend its presence with the team for three more seasons.
The Canadian company, Nova Chemicals, has been present on the sides of the Toro Rosso single-seaters for two and a half seasons. The main reason is that its sole shareholder is the Abu Dhabi IPIC fund. Moreover, this fund is also a shareholder in the Italian team.
This allows Franz Tost to benefit from a constant source of income over a long period, which enables the necessary investments: « We are delighted that Nova Chemicals has decided to continue its involvement with Scuderia Toro Rosso for a three-year period. It’s a sign of confidence in the value of our partnership that has worked so well over the past two and a half years. This new long-term cooperation is a great help in planning our future as Toro Rosso strives to make progress on the grid! Additionally, the partnership with Nova Chemicals has also created significant synergies from a technical standpoint. »
On the other hand, another company owned by Abu Dhabi has disappeared from the STR9 as Falcon Private Bank is no longer present on the front wing. It has been replaced by Sapinda, an investment fund based in the Netherlands but with its largest office in London’s City. To expand its activities in Europe, Asia, and Africa, Sapinda aims to invest in F1 primarily as a very good networking opportunity. The return on investment will therefore be measured more in terms of new partnerships forged in the paddock rather than in advertising equivalence, as can be the case for consumer goods groups.
With the participation of www.Racingbusiness.fr
