Credit Suisse departs BMW Sauber
It is no great surprise to hear that Credit
Suisse has ended its relationship with the BMW Sauber team. The
sponsorship began back in 2001 and a year later the bank helped Peter
Sauber to buy out Red Bull's Dietrich Mateschitz after the two men
failed to agree on who should drive for the team. Credit Suisse then
held 63.25% of the team's share capital until 2005 when BMW bought the
team. It is believed that at the time of the purchase a new sponsorship
was agreed with Credit Suisse for three seasonsThe new deal will cover
the 2006, 2007 and 2008 seasons. This is not a surprise as it is
thought that the sponsorship was part of the deal agreed by which BMW
took over the team. That may have been part of the purchase agreement
with BMW and it is possible that Credit Suisse has been getting its
signage for free since then. This would mean that the loss would have a
minimal effect on BMW's income.
Credit Suisse has been having a miserable time for most of the last
year. In March 2008 the bank was hit by a trading irregularities
scandal which resulted in the bank having to write-down $5.73bn. This
was followed by a further write-down of $2.65bn resulting from the
credit crisis. In the autumn Credit Suisse announced plans to shed
around 5300 jobs and there are reports that a similar number will go in
2009. [ http://www.grandprix.com/ns/ns21118.html - grandprix.com ]
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