As the Formula One championship’s official technology partner, LG already sponsors Formula One Management (FOM) to the tune of a reported US$12 million to US$15 million a season. That deal was signed in November and still has another four and a half years to run but has already been deemed so successful that the company is considering backing a team as well.
In an interview with the Motor Sport Business Forum, Andrew Barrett, LG’s vice president of corporate sponsorships, refused to rule out the possibility of sponsoring a team in the near future. When asked how close he had come to sponsoring a team before signing the original FOM deal Barrett replied, “I can’t talk specifically because we aren’t necessarily done with those discussions. We decided to make our first foray into Formula One by sponsoring the league and establishing this as the foundation of our relationship with the championship. But I don’t think we’re done yet.“
He added: “I wouldn’t say we’re going to do a team deal, but I wouldn’t preclude it either.“
Through its Indian branch, LG India, the electronics firm is a significant backer of the International Cricket Council, spending some US$8.5 million a year on its sponsorship of major international cricket events.
On the subject of LG’s FOM sponsorship, Barrett insisted he was “absolutely thrilled", adding: “We have over 700 projects in 35 countries in just six months. To think of how much of that activity has been implemented with such a passion within our company and with the support of FOM to do some really innovative things, I couldn’t be more pleased. When I’ve talked to FOM and some of our agency partners, they are astounded by the sheer amount of work we have jumped on board and put behind this program. I think a number of them will tell you it’s unprecedented.“