Lada to sponsor Renault F1 team 03/03/2010 |
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Russian car maker Lada – for so long the butt of jokes over the quality of its cars –will sponsor the Renault Formula 1 team this season.
The deal, announced by Russian prime minister Vladimir Putin, is linked to the signing of Vitaly Petrov as the country’s first F1 driver. Putin said Renault's signing of Petrov is a "great symbol of co-operation" between the French marque and Russia.
"We will sponsor this activity [the F1 team] as a first step, and do not rule out later increasing our financial participation in the project," the prime minister told news agency EFE.
In 2008, Renault bought a 25 per cent stake in Lada's parent company Avtovaz for $1bn, and it is thought that Renault's chief executive Carlos Ghosn may now look to increase its involvement.
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