Credit Suisse End Sponsorship of BMW Sauber
The Swiss bank officially announced that they will not renew their deal with BMW Sauber and therefore pull out of Formula 1 in 2009. Credit Suisse have been sponsors of Sauber Petronas F1 team since 2001 and continued to partner the team under BMW management since 2006. However, they decided to take on a more regional approach in terms of sponsorship projects in light of the economic regression worldwide.
“Credit Suisse decided not to renew its sponsorship contract with the BMW Sauber F1 Team beyond its expiry at the end of 2008. In the future, we will be taking part in fewer global sponsorship projects, and instead will be putting greater emphasis on regional commitments. We have been cultivating this approach for several years,” said company spokesman Matthias Friedli in a statement.
“Credit Suisse was a sponsor of the Sauber Petronas Formula One team from 2001 to 2005. BMW's takeover of the team in early 2006 united a long tradition in motorsports with proven efficiency and innovative ideas. In 2007, the BMW Sauber F1 Team established itself in the top three of Formula One in only its second year of existence.”
“The 2008 season was the most successful season to date, highlighted by the team's victory at the Canadian Grand Prix. We believe the team is on the right path, and consequently now is an appropriate time to say goodbye. We would like to thank the team for a successful, constructive partnership, and will keep our fingers crossed for them,” added the Credit Suisse spokesman.