Under the agreement, Gauteng will directly sponsor the F1 team, with the aim of increasing its international profile. A competition will also be run throughout Gauteng that will offer a chance for one South African winner to drive the ING Renault F1 Team 2007 race car in England in June 2008.
The one-year deal was brokered by AIM-listed sports marketing company Essentially Group Ltd with an option to extend for a further two.
Commenting on the deal between ING Renault F1 and Gauteng, John Byfield, Chairman of Essentially said: "With this deal we have provided ING Renault F1, one of the highest profile F1 teams in the sport, with a partnership with one of the most innovative and forward thinking regions in the world, whilst simultaneously increasing the visibility of earnings for Essentially. Gauteng is rapidly becoming a global centre for international sport and we look forward to furthering the partnership in maintaining this success for years to come. This contract represents the start of a wide reaching commercial partnership which we believe will realize significant value for Essentially and its shareholders in the medium term".
Flavio Briatore, Team Principal and Managing Director of ING Renault F1 Team, added: "Essentially's brief is to find sponsors which have ambitions to become key partners with the ING Renault F1 team over the next few years. Gauteng is such a partner. We are delighted with this innovative relationship which Essentially has helped us to build with a regional Provincial Government which is successfully transforming the region into a global centre of excellence in motor and other professional sports in addition to being Africa's leading financial centre."
