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Ferrari announces new sponsor

Ferrari's F1 team announces a three-year sponsorship agreement with an investment company owned by the Emirate of Abu Dhabi.

india Updated: Jan 12, 2007 11:57 IST
Associated Press
Associated Press

Ferrari's Formula One team announced a three-year sponsorship agreement on Thursday with an investment company owned by the Emirate of Abu Dhabi.

The logo for the Mubadala Development Company will be displayed on Ferrari's cars and the caps worn by the team's drivers Kimi Raikkonen and Felipe Massa.

Financial terms were not disclosed for the agreement, which started Jan. 1.

"We are pleased to have reached a sponsorship agreement with such a dynamic company as Mubadala, with whom we share important values such as the research into innovation and a passion for our work," Ferrari CEO Jean Todt said in a statement. In July 2005, Mubadala purchased a 5 percent stake in Ferrari from Mediobanca of Italy.

"Furthermore, this agreement strengthens our ties with the Emirate of Abu Dhabi, where a Ferrari theme park is being created," Todt said, citing the area's growing interest in Formula One.

Earlier this week, Ron Dennis sold half of his 30 percent stake in the McLaren team to a company owned by the Kingdom of Bahrain. The 2007 F1 season starts with the Australian GP on March 18.

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