BP eyes $30m F1 sponsorship return

(GMM) British oil multinational BP is looking to re-enter formula one as a sponsor.

That is the claim of Germany's authoritative Auto Motor und Sport, referring to the London-headquartered company that has a long history of F1 sponsorship.

BP's first involvement at the pinnacle of motor sport was several decades ago, but the report claims the oil giant now wants to return "with a large campaign".

"Rumors say Renault and McLaren are competing for the contract worth a supposed $30 million," said respected correspondent Michael Schmidt.