Word: sponsorship
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...people around the world watched some part of the season on television. That's why companies such as Korean electronics conglomerate LG Group are prepared to lay out "several hundred million dollars" to have their logo plastered all over F1, says Andrew Barrett, the company's VP of global sponsorship, who recently inked such a deal. "We were looking for as broad a global reach as we could get with one sport, and nothing else even came close." (See the 50 worst cars of all time...
...close the sport came to a total crack-up last year, and just how rickety it remains. At times over the past few years, Formula One has looked as ungovernable as California: big teams quit, and more threatened to do so; the financial industry canceled its lifeblood sponsorship almost en masse; track attendance is down; and scandals have tarnished everyone from a world champ to the former head of motor sport itself. Bernie Ecclestone, the septuagenarian who is usually described as F1's principal stakeholder (a description that doesn't come close to encompassing his power) insists that...
...wind tunnel, for example, costs close to $40 million to construct, not counting the corps of engineers needed to run it. Average annual team budgets had climbed near $300 million and the biggest teams spent $500 million. Sponsorship and prize money rarely brought in half that. "Very few of the teams could actually make any money," says Caroline Reid, who co-authors Formula Money, the authoritative guide to F1's finances. (See a brief history of Formula...
...marketing legend. But in assessing his company's handling of Olympics opportunities it would be unfair to focus on that piece of good fortune alone. The truth is, his team began planning well in advance (662 days, by the count of CEO Zhang Zhiyong), focusing on bang-for-buck sponsorship choices. Knowing, for instance, that the U.S. Dream Team would wind up in the basketball finals, but that its NBA-star-packed roster would be too pricey to support, Li Ning sponsored eventual silver-medal winners Spain and bronze-medal winners Argentina. Li Ning - sponsored athletes...
...Hudson's Bay Co., a 339-year-old retailer that is the oldest in North America, signed a sponsorship deal with the Canadian Olympic Committee through the 2012 Olympics. Hudson's Bay owns 92 Bay department stores in Canada, the Canadian general-merchandise chain Zellers and the Lord & Taylor retail chain in the U.S. Jeffrey Sherman, who was installed as CEO in September 2008, after Hudson's Bay was bought by Connecticut-based private-equity firm NRDC Equity Partners, wanted to use the Vancouver Olympics as a platform to reconnect the company with its Canadian heritage. He gave his design...