Brewer to cease global sponsorship

Australian brewer Foster's confirmed on April 11th that it will cease its global sponsorship of Formula One when its contract expires at the end of 2006. The news came as part of an announcement that Foster's Group Ltd has sold the Foster's brand...

Australian brewer Foster's confirmed on April 11th that it will cease its global sponsorship of Formula One when its contract expires at the end of 2006. The news came as part of an announcement that Foster's Group Ltd has sold the Foster's brand in Europe to brewing and distribution partner Scottish & Newcastle.

"As part of a program to significantly reduce overheads within the Foster's Brewing International business, Foster's Group will not be renewing its sponsorship of Formula One at the end of the current season when its contractual obligations expire (December 2006)," it said in a statement.

Managing director Richard Scully commented: "This sponsorship has been important for Foster's, raising consumer awareness of the brand globally. While Foster's Group will continue to co-ordinate global marketing initiatives, decisions about sponsorship will rightly rest with our co-brand owners and regional partners."

Foster's has been involved in F1 for 20 years, since sponsoring the Australian GP at Adelaide in 1986. The company currently has naming rights to the Australian, San Marino and British Grands Prix, as well as signage, pouring and Paddock Club sponsor rights for many of the other events.

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Series Formula 1