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Vodafone reviews McLaren sponsorship
Vodafone is "reviewing its global sports and events sponsorships," including its longstanding association with Formula One teams, according to a report in the Financial Times.
The sponsorship of the McLaren team is the main "sporting global right" and it has put it as "one of the most high profile brands at the races since the forced departure of tobacco companies". The contract, which started in 2007, ends after the 2013 season.
The newspaper quotes a person close to the sponsorship process as saying the deal, which "costs tens of millions of dollars a year" needs "to be evaluated" in the current economic climate.
"The race is still one of a few major events to be popular with a global audience, which means that a sponsorship can work on a number of levels in different regions and is therefore attractive for brands such as Vodafone wanting to extend their global reach," the Financial Times report stated.
"However, the general sponsorship market has been affected by the global economic downturn, with some banking groups more reluctant to be seen spending money on events."