The FINANCIAL — UBS and Formula 1TM on August 23 announced that they have signed an agreement for UBS to become a Global Partner of Formula 1TM.
"The partnership will be formally launched at the 2010 FORMULA 1 SINGTEL SINGAPORE GRAND PRIX, which runs from 24 to 26 September, 2010,"UBS reports.
The agreement follows a comprehensive evaluation by UBS of the commercial benefits of all global sponsorship properties.
Formula 1TM is a year round, highly visible, and popular sport with an especially strong presence in many of UBS’s key growth markets such as Asia, Middle East and Latin America. The long-term partnership will provide excellent branding and hospitality opportunities that fit with UBS’s global footprint and business strategy. Key benefits of the partnership include;
Global reach: currently 19 events in 18 countries on 4 continents
Growth markets: Formula 1TM is present and growing strongly in strategically important markets for UBS such as Asia, Middle East and Latin America
Brand awareness: global television audience in 2009 of more than 520 million people across 187 countries; making Formula 1TM one of the most-watched annual sports in the world
Client entertainment: fascinating opportunities for key client hospitality across the globe
Year round presence: Formula 1TM season lasts eight months of the year
Oswald Grübel, UBS Group Chief Executive, said:
“UBS has been searching for a global sponsorship platform that has appeal to our clients, promotes our brand globally and makes good commercial sense. Our new partnership with one of the largest and most popular sporting organizations in the world will fulfil all these criteria, and it constitutes a key element of our newly launched branding activities. The global reach of F1TM complements the many local activities we support." Bernie Ecclestone, Group CEO of Formula 1TM, said: “UBS is a global company where performance, teamwork and superior execution are integral to their clients’ success. These values complement those of Formula 1TM and I’m delighted to welcome UBS to Formula 1TM.” In line with all commercial contracts, the financial terms of the agreement will not be disclosed by UBS or Formula 1TM. Commercial attractiveness was however a key consideration for UBS and the agreement compares favourably with other forms of brand awareness and client hospitality.