Korean-based electronics brand LG agreed a 5-year sponsorship deal with Formula One to become the official consumer electronics partner of the sport.
The partnership was announced during a press event at the Landmark Hotel in London, supported by LG’s chief marketing officer Dermot Boden and CEO of the Formula One Group Bernie Ecclestone. Under the terms of the agreement, LG will be the official timing service and data provider for F1 events and will have their logo branded on television production. LG will also use their association with the sport in the marketing of their electronic products.
“LG is a leader in its field, it pioneers cutting edge technology, delivering innovation and excellence in a stylish package, which is what Formula One is about too,” Ecclestone said. “LG will help us with a lot of technical things.”
The deal appears to dismiss concerns that the sport will struggle in the current climate of economic downturn amidst a number of proposed cost-cutting measures by motorsport’s governing body the FIA. Boden said the sponsorship deal, which will start in the 2009 season and run until the end of 2013, was “a pretty hefty investment on our behalf” and that “investing in a downturn is probably one of the best times to really build your brand.” Boden added: “We are proud to be one of the sponsors of Formula One and to partner with Bernie in such an exciting sport. We have a brand identity of stylish design. We want to build an emotional connection with consumers.”
