Jaguar renew HSBC sponsorship

JAGUAR RACING has renewed its sponsorship deal with the Hong Kong and Shanghai Banking Corporation. The new deal runs through 2004 and speculation suggests that it is worth at least $30m a year to Jaguar.

The news was announced at a pre-British GP function in London today.

The first HSBC deal was announced in September 1996 with the then Stewart Grand Prix netting a rumored $190m over five years. The deal was designed to raise the public profile of HSBC, which is one of the major international banking and financial service companies in the world, in the wake of its relocation from Hong Kong to London. HSBC is Ford's bank and the deal was leveraged by the company's top management.

The program has been a great success and other financial institutions have begun to look at F1 sponsorship, notably Mastercard, the giant German company Allianz and Credit Suisse.

Sir John Bond, Group Chairman of HSBC Holdings plc, said "The sponsorship of Formula One through Jaguar Racing offers us unrivalled opportunities to reach not just our 30 million customers but also a global television audience of over 325 million per race weekend."

Jaguar Racing Chief Executive Officier, Bobby Rahal said, "We are delighted that HSBC as a global leader of financial services is to continue as principal sponsor of the Jaguar Racing team. HSBC is a committed partner to Jaguar Racing and plays a critical role in support of us achieving our objectives - both on and off the race track. This agreement builds on the long-term business relationship in which the two companies share a number of values and goals such as a passion for excellence and the commitment to leadership. Our joint effort to succeed in Formula One will certainly further strengthen the existing relationship between ourselves."

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