Virgin Racing launches with sponsors – and a promise to make a profit 16/12/2009 |
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Richard Branson’s Virgin Group has confirmed its entry into Formula 1 – and says it can make money from the notoriously expensive sport.
As expected, Manor GP will be renamed Virgin Racing and the new team has unveiled a host of new sponsors, including tyre recycling company Carbon Green, shampoo brand Clear, IT services company CSC, fashion brand Kappa and green investment firm Oxigen Investments.
Branson said at Tuesday’s (Dec 15) launch: “We haven’t put a lot of money in – we’ve put our brand in.
“On the back of the brand, the team are managing to get a lot of sponsors. Our involvement is the naming of the team and some money.”
Former director of special projects for the Virgin Group, Alex Tai, will be team principal and he believes that the recent cost-cutting measures brought into F1 make it a good time to be entering the sport.
“It is possible to have a Formula 1 team that actually makes money,” he added.
“With this limiting to the budgets, we find ourselves on a level playing field. That is the opportunity for us to actually have a profitable Formula 1 team.
“Richard and Virgin do not go into business to lose money. This is a very valuable marketing tool for the Virgin Group and it’s a very valuable marketing tool for our partners.”
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