McLaren Title Sponsor Vodafone Slashes Jobs
The title sponsor of the McLaren Mercedes F1 Team, Vodafone, have announced large job cuts today. The cuts will occur in the UK and see some 500 people out of work.
Vodafone, a major player in the world telecommunications market, says it is adjusting to the current economic conditions. Their next step would be to close stores a spokesperson added.
Vodafone have been the title sponsor at McLaren since 2007, when they parted ways with the Ferrari F1 team whom they had sponsored since 2002. The company said it wanted to be a title F1 sponsor, and it could not do that with Ferrari whose top sponsor is the Marlboro tobacco firm.
“Vodafone UK has today announced reductions to its operating costs in order for it to compete more effectively in the UK market,” the company said.
“As customers look for best value in their mobile services, Vodafone intends to reduce its cost base whilst continuing to invest in new products and services to meet changing customer needs.”
There is no indication they wish to end their deal with McLaren at the moment, but it has to be a possibility; especially on the back of ING announcing F1 retirement leaving Renault without a top sponsor. The rumour mill suggests Santander will being sponsorship of Ferrari instead of McLaren in 2010, so if Vodafone go to the British team could be a bit short in the sponsor department come next year.