Emirates pulls out as sponsor, F1 demanded too much
© Emirates
F1 News
- GPblog.com
Formula 1 and airline Emirates will no longer work together. SportBusiness announced the news on Wednesday. Emirates was one of Formula 1's biggest sponsors and had a contract with the sport for almost a decade.
In 2013, Formula 1 and Emirates entered into a sponsorship agreement. The United Arab Emirates-based airline thus became one of Formula 1's most important business partners. In addition to exclusive sponsorship rights for 15 of the races, Emirates also got permission to set up a broad entertainment programme with, for example, special fan zones during the race weekend and VIP treatment for special ticket holders.
Formula 1 would charge too much
According to the SportBusiness report, the partnership was not renewed because Formula 1 was asking too much from Emirates. Currently, Emirates pays €25 million a year, but Formula 1 would ask for twice that. Emirates reportedly refused, so the long-term sponsorship deal will not be renewed.
Formula 1 will now look for a new airline to sponsor the sport. Because of risk diversification, the sport is explicitly looking for a sponsor from that sector. It has partnered with local brands in the past, such as Singapore Airlines for the Singapore Grand Prix. It's possible one of them will now enter into a new contract with Formula 1.