Ferrari sponsors to pay $4.7m to Force IndiaUPDATE (GMM) Ferrari sponsors Etihad and Aldar will appeal the outcome of this week's London High Court ruling.
The Abu Dhabi companies were ordered to pay $4.7m to Force India for breaching contract when they switched to Ferrari in 2008.
"Etihad Airways and Aldar Properties were surprised at the judgment and strongly disagree with its conclusions," an Etihad spokesman was quoted as saying on Saturday by the UAE daily The National.
"We have been advised that there are strong grounds for appealing the decision."
In court, Etihad had argued conflict with Kingfisher, the brand owned by Vijay Mallya, the Indian billionaire who bought Spyker and renamed it Force India.
11/05/09 (GMM) Abu Dhabi companies Etihad Airways and Aldar Properties have been ordered to pay $4.7 million to Force India.
The sponsors, having agreed a three-year deal worth $20m in 2007 when the Silverstone based team was known as Spyker, were found to have breached contract when they switched to Ferrari a year later.
In the London High Court proceedings, Etihad argued conflict with Kingfisher, the brand owned by Vijay Mallya, the Indian billionaire who bought Spyker and renamed it Force India.
Judge Gray heard that Mallya actually promoted the beer arm of Kingfisher rather than the airline, and said the compensation owed by Etihad/Aldar would have been higher had Force India not found replacement sponsors.
Copyright 1999-2013 | AutoRacing1 is an
independent internet online publication and is not affiliated with, sponsored by, or endorsed
by IndyCar, NASCAR, FIA, Sprint, or any other series sponsor.
This material may not be published, broadcast, or redistributed without