LotusF1 team principal secures sponsor for ABL

29 September 2009 | By Adam Fraser

Contract summary

Length of contract: 3 years
Annualised value: US$500,000
Overall value: US$1.5 million

Tony Fernandes, chief executive of AirAsia and team principal of the new LotusF1 team, has secured a much-needed sponsorship deal for the Asean Basketball League, but denied that it is a precursor to a Lotus sponsorship.

The three-year deal means the league, launched this year, has raised the US$3 million it needs to get under way next month. Six teams have already confirmed participation, but Fernandes has set an ambitious target of 20 competing outfits.

However, Fernandes denied that the deal with General Electric is a precursor to a sponsorship of Lotus. "I have not talked to GE about F1 and I don’t think we will," he said, adding: "GE was the one who believed in us and took a leap of faith when we started AirAsia and no banker would even serve us coffee."

Immelt, chairman of GE, said: "We are pleased to be able to support this new sports development program for Asean. Asean is an important region with 550 million people and an important market to GE."

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