Foster’s may quit F1

UPDATE The Australian beer company has moved quickly to scotch reports that it is reducing its involvement in Formula 1.

Foster's is one of the world's best-known supporters of Formula 1 and has been associated with the sport for over 20 years. Foster's sponsors three races: the Australian, San Marino and British Grands Prix and has premium trackside signage rights at 12 races and beer pouring rights at 13 races each year.

Foster's says that it has long term arrangements in place with F1 as the Official Beer of Formula One and with the world surfing championship competition, as title sponsor of the Foster's Men's World Tour and that it remains committed to supporting both of these important, global properties. Grandprix.com

09/21/05 Australia's international beer brand Foster's is about to race away from formula one. The 'Brand Republic' publication said the company's long running association with grand prix racing will begin to evaporate when Foster's withdraws its title sponsorship of the British GP.

UK chairman and managing director of parent company Scottish & Newcastle, John Dunsmore, is reported to have remarked that the formula one connection 'no longer fits with (Foster's') core strategy'.

Foster's has a contract with the British grand prix held at Silverstone until 2010, but Brand Republic said it is likely to have an 'opt-out' clause.

Also in doubt is the title sponsorship of the Australian GP.

Australian reports indicated that, with the beer market in decline, Foster's was likely to turn from grand prix sponsorship to, for example, international surfing contests. [Or Champ Car for 1/10th the cost.]