Hong Kong Witnesses First Aston Martin One-77 Crash

2013 Volkswagen CC Gets Sporty R-Line Trim

Formula 1 Monaco Grand Prix Weather Forecast
Sarrazin Gains Final Seat For Toyota Racing At Le Mans

Indy 500 Carb Day Practice To Franchitti; Dixon Takes IZOD Pit...

Volkswagen Golf R Cabrio Patent Photos Revealed
2013 Cadillac XTS Configurator Launched

BMW Zagato Coupe Unveiled At Villa d'Este

New Firestone Indy Lights Formula For 2014

LG confirmed as new F1 sponsor

GMM

GMM

Author

LATEST ARTICLE
More KERS boost in 2010 for cost-capped teams
Apr.30 (GMM) Another technical advantage to be enjoyed by cost-capped formula one teams next year... Read More

N/ALEADERBOARD RANK
1314ARTICLES CONTRIBUTED
0COMMENTS POSTED

1,985 views Nov 26, 2008

Nov.26 (GMM) As earlier predicted, the South Korean electronics giant LG on Wednesday was revealed as an official formula one sponsor.

"I don't like the word 'sponsor'," F1 chief executive Bernie Ecclestone insisted during a press conference in London.

"It makes it sound as though we need help, which is not the case. What I'm much happier about is that we're able to use a lot of the technology from LG."

In what is believed to be an initially five year deal, beginning in 2009, LG will receive branding on the sport's international broadcasts and timing graphics, as well as marketing rights.

At the event on Wednesday, LG's chief marketing officer Dermot Boden admitted that the agreement is worth tens of millions of dollars.

He played down the questionable wisdom of pledging such sums in the midst of a global financial crisis.

"If you want to be successful, investing when there's a downturn is probably one of the best times to really build your brand," he claimed.