F1 sponsor in process of liquidation
21 July, 2011
Jul.21 (GMM) A sponsor of both the Sauber team and Formula 1 legend Niki Lauda is in financial trouble, according to German-language media reports.
The Austrian newspaper Die Presse said the owner and founder of the Liechtenstein based Money Service Group has left the company, ostensibly for health reasons, as partners complain that their invoices are not being paid.
“I have tried to reach Mr Seidl but unfortunately I have not heard from him yet,” Lauda told the Kurier – the former world champion and now high profile F1 pundit for German TV wears a blue cap which features the MSG logo.
Other reports from Liechtenstein and Switzerland report that Money Service Group, also having sponsored the Toro Rosso team, is already in the process of liquidation.
A spokesman declined to comment to the Agence France-Presse news agency.