MAY 29, 2004

HSBC pulling out?

Jaguar sponsor HSBC says that it has been disappointed with the results of the team.

"I share your disappointment with the performance of the team, as I relay regularly to Ford and Jaguar," HSBC chairman Sir John Bond said at the company's annual shareholders' meeting. "We did it to raise our profile. I think it has probably served its purpose. We are committed until the end of this season and will make an announcement at the appropriate time."

The comments will add to the pressure on the team to perform and on Ford to find a replacement sponsor. The deal was originally leveraged on the fact that HSBC is Ford's bank around the world.

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