Vodafone announced it will end its sponsorship for Formula One team McLaren at the end of this year’s season.
“Having met and exceeded all the highly ambitious targets that Vodafone had set for its title partnership with McLaren, the company has now decided to focus on business priorities away from Formula 1 sponsorship,” said a McLaren statement.
Vodafone has partnered McLaren in 2007, after ending contract with Ferrari at the end of the 2006 season. Today, March 14th, McLaren said it will announce the new title sponsors at the end of this season. Rumors say that TelMex might be a possible replacement.
“While the current title partnership is in place with Vodafone, McLaren will not disclose its new title partnership but will make an exciting announcement Dec 2, following the last Grand Prix of the season,” said McLaren.
Each year since 2007, Vodafone has paid $75 million for a sponsorship package for McLaren’s racing team. According to a report published by the Financial Times, last year Vodafone began questioning the costly motorsport association, after reviewing all its events and sports sponsorships. Still, according to the telecoms group the price was not the problem, saying that the same amount of money will be invested into a new global branding strategy.