Meet one of Formula 1’s new sponsors, Korea’s LG Electronics. The money they’re pumping into the expensive sport hasn’t been disclosed (although it’s said to be in the tens of millions) but the odds are that it’s large, and so, the company must hope, will be the returns.
The company will also provide technology to the sport and develop consumer products with an F1 branding, according to the Financial Times.
It’s expected the deal will be similar to that obtained by Siemens, under which the company graphic appears on-screen every 20 seconds during both races and qualifiers.
Dermot Boden, LG’s chief marketing officer, said:
“History shows that if you want to build a brand you have to invest in that brand, and investing in a downturn is one of the best times.”
Bernie Ecclestone, head of F1, added:
“We are going to be able to use a lot of the technology from LG in Formula 1; and, hopefully, the other way round too they can take something from us.”
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