HP and Mov’It join Renault F1 recovery
The Renault F1 team has secured two new sponsors on the eve of the new Formula One season. Technology firm HP, previously a supplier to the team, has agreed to increase its sponsorship for the next two seasons and will have extensive branding on the car. High-performance brake system manufacturer Mov’It will also sponsor the team and have branding on the nosecone of the team’s all-new R30 chassis.
Both deals are, to a certain extent, bound up in the new ownership of the team. Genii Capital, owned by Luxembourg entrepreneur Gerard Lopez, now has a 75 per cent stake in the team and it is understood the HP deal is linked to some of Lopez’s technology interests, while Mov’It is part-owned by Lopez. Financial terms of the two deals were, in usual Formula One fashion, not disclosed but, although conclusions about what the company’s are investing are complicated by the existing links with Lopez, the sponsorships are likely to be worth a combined total of up to US$6 million.
“One of the primary motivations for our investment in Renault F1 Team was to use the sport as a powerful business-to-business platform and create synergies between different companies within our partner network,” Lopez said. “The fit between the core business of Mov’It and the Formula One audience is a perfect example of how we can use Formula One as an enabler for companies within our partner network.”
He added: “We hope that HP can develop new business opportunities through Genii Capital’s B2B platform and Mangrove Capital’s access to exciting technology opportunities.” Mangrove, also owned by Lopez, is also featuring on the cars in Bahrain.
Eric Cador, HP Personal Systems Group Europe, Middle East and Africa vice president, was “delighted” with the deal and described as a strengthening of the company’s existing partnership with the Renault Nissan Group, which has retained 25 per cent ownership of the Renault F1 team.
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News of the deals is a boost to Lopez and Renault, as the team strives to recover from the loss of ING as title sponsor of the team in the wake of last year’s deliberate crashing scandal.
- Length of contract: 2 years
- Annualised value: US$6 million
- Overall value: US$12 million