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Breaking news

UBS reducing F1 sponsorship

UBS has agreed to a new, less lucrative contract with Bernie Ecclestone.

Lewis Hamilton, Mercedes AMG F1 W05 leads at the start of the race

Lewis Hamilton, Mercedes AMG F1 W05 leads at the start of the race

XPB Images

Sergio Perez, Sahara Force India F1 VJM07
Romain Grosjean, Lotus F1 E22
Nico Rosberg, Mercedes AMG F1 W05 with tyre debris attached to his antenna
Romain Grosjean, Lotus F1 E22
(L to R): Lewis Hamilton, Mercedes AMG F1 W05 and team mate Nico Rosberg, Mercedes AMG F1 W05 battle for position shortly before making contact
Fernando Alonso, Ferrari F14-T

Sep.1 (GMM) Major F1 sponsor UBS is scaling down its investment in the sport.

The Swiss based global financial services company entered F1 in 2010 powered by its then chief executive Oswald Grubel.

But UBS is now headed by Sergio Ermotti, a Swiss banker, who last year commenced market research into the wisdom of Grubel's F1 deal.

We put the customer platform more in the centre and focus the brand on key growth markets

UBS spokesperson

The Swiss newspaper Blick on Monday quoted a UBS spokesman as saying: "We have always stressed that Formula One is a long-term commitment.

"We are very pleased with the partnership."

The report said UBS has agreed a new, less lucrative contract with Bernie Ecclestone.

"We put the customer platform more in the centre and focus the brand on key growth markets," the spokesman said.

Part of the reduction of the deal is trackside advertising at less Grands Prix, and the end of the title sponsorship of the Chinese Grand Prix.

The report said UBS is reducing its annual spend from about $54 million to $32 million.

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