Mercedes GP in Henkel sponsorship row 15/12/2009 |
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Mercedes Grand Prix has found itself embroiled in a Euros 90m sponsorship dispute with German company Henkel before it has even started its engines for its Formula 1 debut.
Respected financial newspaper Handelsblatt reports that Mercedes’ previous incarnation, Brawn GP, agreed a three-year sponsorship deal with consumer products giant Henkel in July.
Once its takeover of Brawn was complete, Mercedes contacted Henkel only to be told that a former employee had agreed the deal without authorisation.
The unnamed employee has been variously referred to as Henkel’s sponsorship director and head of corporate affairs. He is alleged, along with two accomplices, to have created fake paperwork using Henkel stationery to obtain loans worth Euros 45m. They apparently planned to use that money to pay for the sponsorship but about Euros 11m is now missing.
Mercedes is reportedly still pressing for its money but Henkel, which is believed to be pressing charges against the dismissed individual for fraud, said in a statement: “The Formula 1 deal is invalid because it was signed by someone who was not entitled to do so. There are therefore no [valid] claims against Henkel.”
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