- Australian Grand Prix
Qantas named as Australian GP sponsor
Airline company Qantas has become the new title sponsor of the Australian Grand Prix.
In the wake of ING's departure from the sport, it was feared that the Melbourne race might come under threat if it couldn't find a replacement for the Dutch bank. The 2009 race, with sponsorship form ING, recorded a $40m loss despite being one of the most popular events on the calendar.
"We greatly value the involvement of all our commercial sponsors - their support reduces the cost of this event to the Victorian government," said major events minister Tim Holding.
The Australian Grand Prix Corporation on Wednesday said Qantas, whose association with F1 in the country dates back to the 1980s, will put its name to the 2010 race.
"We are pleased to reaffirm our support for this global sporting event, reaching Formula One fans worldwide," said Alan Joyce, chief executive of the Australian national airline.
Qantas was also the Australian Grand Prix title sponsor between 1997 and 2001.