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UBS reducing F1 sponsorship

Major Formula 1 sponsor UBS is scaling down its investment, after a high profile period at the pinnacle of the sport. The Swiss based global financial services company entered Formula 1 in 2010 powered by its then chief executive Oswald Grubel. But UBS is now headed by Sergio Ermotti, a Swiss banker, who last year commenced market research into the wisdom of Grubel's Formula 1 deal. The Swiss newspaper Blick on Monday quoted a UBS spokesman as saying: 'We have always stressed that Formula 1 is a long-term commitment. We are very pleased with the partnership.' The report said UBS has agreed a new, less lucrative contract with Bernie Ecclestone. 'We put the customer platform more in the...
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