Credit Suisse Ends BMW Sauber Sponsorship
Swiss banking giant Credit Suisse has ended paddock speculation and announced that it will no longer be continuing its sponsorship deal with the BMW Sauber F1 Team.
The bank, which contributed around 17million euros to the team every season for predominant logos on the cars and drivers feels it is the right time to leave, now that the team is financially stable.
There are two reasons in the paddock being cited as the reason they have parted ways with the Hinwil base dsquad. The first being that the 17million euros per year cost of advertising is unwise in the current economic climate. The second being that their F1 mad CEO Oswald Gruebel has left and been replaced.
Credit Suisse have been in F1 a long time, sponsoring Peter Sauber’s Sauber F1 Team back in the late 1990’s and continued sponsorship right through the change to BMW in 2006.
“The team is on the right track. Therefore, this is the right time to say farewell,” spokesman Matthias Friedli told the Swiss Sunday newspaper SonntagsBlick.