The world’s economy is still reeling from the traumas of September and October. F1 sponsors give $300m to F1 teams each year – but more and more of those companies are reporting huge profit falls and staff cut backs. Some are even falling back on their national governments for financial support. Could we soon see a major reduction in F1 sponsorship? Here’s a look at how some of the biggest names in F1 sponsorship are faring in the growing global recession. Ferrari AMD – Electronics AMD began to experience problems before the economic downturn, beginning with its $5.4bn purchase of ATI. It has posted a loss for eight consecutive quarters and cut staff , but in October announced $8.4bn of investment from Abu Dhabi . Etihad Airways – Airlines The very high oil prices earlier this year put huge pressure on airlines, forcing 30 to close this year. Those prices have now fallen but reduced demands for passenger seats and cargo continues to squeeze airlines. However … [Read more...] about F1 sponsors hit by global recession · RaceFans
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F1 Fanatic round-up: Alonso wants to race at Le Mans after F1
In the round-up: Fernando Alonso says he would like to race in the Le Mans 24 Hours when he is done racing in Formula One. Links Your daily digest of F1 news, views, features and more. Alonso plans Le Mans move after F1 (BBC) “To win the Le Mans 24 Hours means a lot to any driver, so one day hopefully I will race there. I think I will – that’s 100% decided.” More car makers choosing WEC and Le Mans over F1 ‘Sparks’ test set for Austria practice (Autosport) “Ferrari will fit Kimi Raikkonen’s car with two skid blocks for the opening day of running at the Red Bull Ring, with Mercedes fitting some in a different position on Nico Rosberg’s car.” No more random spins – Raikkonen (ESPN) “When many things came together it can happen, we knew it after practice but probably didn’t put enough thought into it, but it will not happen again. We have made a lot of changes since the last race.” ‘Daniel not tougher than Mark’ (Sky) Sebastian Vettel : “I … [Read more...] about F1 Fanatic round-up: Alonso wants to race at Le Mans after F1
F1 Fanatic round-up: F1 ‘will rival Champions League’
In the round-up: Formula One’s alcohol sponsor says the sport could rival the Champions League football tournament. Links Heineken vows to refresh the profile of Formula One (The Telegraph) "Can we make F1 as big as the Champions League? Honestly, I think so." Vettel would have Ricciardo as teammate again (Motorsport) "I don't mind him, I like him, I think he's a strong guy and obviously he had a good season in 14. Last year and this year it's a bit difficult always to judge because you don't know what's going on internally, but, from what I know, he's a good guy." Fernando Alonso talks McLaren, missed opportunities and life after F1 (ESPN) "When I came back to Renault it was my choice - I had the possibility to go to Red Bull. But Red Bull at that time was an energy drink, it was not a world championship team. No one has a crystal ball!" Heineken announces global partnership with Formula One Management (Heineken) "Heineken will not be visible on … [Read more...] about F1 Fanatic round-up: F1 ‘will rival Champions League’