Saudi Aramco pays tens of millions annually for F1 sponsorship deal
F1 News
- GPblog.com
When the Formula 1 circus arrived in Melbourne a few weeks ago, they were welcomed at the Albert Park circuit with large Saudi Aramco billboards above and next to the circuit. A deal that was only announced just before the original start of the season. By now it is clear how much money is involved.
As one of the world's largest oil and gas companies, Saudi Aramco will annually transfer nearly 40 million dollars to Formula 1 to obtain the rights as a 'partner' of the sport, reports SportBusiness.com. This is a ten-year deal. Until 2029, Formula 1 can therefore count on a financial injection of almost 400 million euros.
Chase Carey played major role in negotiations
That even for one of the largest oil producers in the world this is not an amount that is simply thrown over the bar, is clear from the negotiations. It is said that they have been working on this for about fourteen months. Chase Carey, as CEO of the commercial branch of Formula 1, is said to have had a large share in this.
However, Saudi Aramco is not alone with this deal when it comes to main sponsors of Formula 1. The company will have the same status as Heineken, Emirates, Rolex, DHL and Pirelli. The possibility that a Grand Prix will be organized in Saudi Arabia in the future is more plausible however.