Siemens set to drop £10m tie-up with F1

Siemens is poised to cut its £10m association with Formula One after an internal rethink of its Siemens Mobile sponsorship.

Siemens Mobile’s £5m contract with McLaren Mercedes F1 team expires this year, while its £5m deal with F1 rights-holder Allsport as the official supplier of communications is up for renewal next year.

Industry sources close to Siemens says that divisions within the company are concerned that the sport’s image does not fit with Siemens’ overall corporate image. Siemens Mobile is a relatively small part of the company. Other divisions of the business include manufacturing, medical, transport, building and infrastructure.

Stephen McMahon, co-ordinator for F1 in the company’s global sponsorship division, confirms the company is evaluating its sponsorship but denies that a decision has been made: “We are still in the process of evaluating. No decision has been taken on next season.”

Sources say the Siemens Mobile sponsorship of Spain’s Real Madrid football team will not be affected. An insider says the sponsorship – signed last year – has tested well across the world.

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