One more season for UBS in F1 before they pull out
27 January, 2014
We reported a year ago that the Swiss global financial services company, having entered Formula 1 in 2010, is now considering pulling out.
It was reported that current chief executive Sergio Ermotti was studying the wisdom of the deal entered into by his predecessor Oswald Grubel, who also took Credit Suisse into Formula 1, and was a former BMW-Sauber board member.
Now, Schweiz am Sonntag newspaper reports that the €40 million per year UBS sponsorship looks set to end.
The report said that, officially, the decision will be taken shortly, “but this is only a formality”, as the exit has already been internally agreed. (GMM)
Subbed by AJN.