UBS signs global F1 sponsorship deal |
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Formula One has signed Swiss bank UBS as a global partner in a deal it hopes will mark a turnaround following the exit of several financial institutions from the sport due to the economic crisis.
The bank refused to say how much it is paying in the agreement – unconfirmed reports value the deal at $200 million - but an official statement said "commercial attractiveness was a key consideration." Less than a year ago UBS's hometown rival Credit Suisse Group ended its sponsorship of Formula One constructor BMW Sauber. Dutch-based financial group ING also quit as Renault's title sponsor in 2009. UBS also sponsors Weltklasse Zurich, the Swiss leg of athletics' Diamond League, and previously backed Swiss billionaire Ernesto Bertarelli's Alinghi sailing team, which won the America's Cup in 2003 and 2007. The sponsorship comes as UBS launches its "we will not rest" advertising campaign, aiming to mend relations with clients. UBS's flagship private bank in particular is still leaking wealthy client assets following the subprime mortgage crisis and a lengthy tax dispute with the United States government. |
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