Planet-F1

LG to increase F1 sponsorship

Thursday 2nd July 2009

At a time when many sponsors are pulling out of Formula One due to the economic recession, electronics company LG are upping their contribution to the sport.

In November of last year LG became the Formula One championships official technology partner in a deal that reportedly sees the company shell out between US$12 million to US$15 million a season to Formula One Management (FOM).

Despite this hefty contribution the electronics giants are looking to increase their stake in the sport, with team sponsorship a possibility.

"I can't talk specifically because we aren't necessarily done with those discussions. We decided to make our first foray into Formula One by sponsoring the league and establishing this as the foundation of our relationship with the championship. But I don't think we're done yet," Andrew Barrett, LG's vice president of corporate sponsorships, told the Motor Sport Business Forum.

"I wouldn't say we're going to do a team deal, but I wouldn't preclude it either," he added.