Formula One racing team Jaguar Racing has begun searching for a replacement to headline sponsor HSBC following a review of the bank’s global sponsorships.
HSBC’s contract with Jaguar, which is worth more than &£15m a year, expires at the end of this season. The bank has not yet announced whether it will renew the deal, although one F1 industry source claims that the bank planned to withdraw from the Jaguar team.
However, he adds that the bank is keen to maintain an involvement with the sport. He says: “HSBC is looking at other F1 sponsorship opportunities, such as track-side sponsorship and the title rights to a Formula One race.”
A Jaguar insider confirms that the team is in the market for a replacement for HSBC. He adds that a full strategic review of the bank’s sponsorship investments was initiated as part of its review of its global advertising account. Last week, HSBC appointed WPP Group to its &£350m global account (MW, last week). WPP holds the &£15m ad account through Y&R.
Recently, Jaguar unveiled a one-off sponsorship with Warner Brothers around Sunday’s Monaco Grand Prix. The Jaguar car will carry advertising for the company’s movie, Ocean’s 12, starring George Clooney.
The deal was signed by Jaguar head of business development Mark Gallagher, who was recruited in April (MW April 8). Gallagher was previously marketing director at the Jordan F1 team.