Nov.26 (GMM) As earlier predicted, the South Korean electronics giant LG on Wednesday was revealed as an official formula one sponsor.
"I don't like the word 'sponsor'," F1 chief executive Bernie Ecclestone insisted during a press conference in London."It makes it sound as though we need help, which is not the case. What I'm much happier about is that we're able to use a lot of the technology from LG."In what is believed to be an initially five year deal, beginning in 2009, LG will receive branding on the sport's international broadcasts and timing graphics, as well as marketing rights.At the event on Wednesday, LG's chief marketing officer Dermot Boden admitted that the agreement is worth tens of millions of dollars.He played down the questionable wisdom of pledging such sums in the midst of a global financial crisis."If you want to be successful, investing when there's a downturn is probably one of the best times to really build your brand," he claimed.