BMW set to lose sponsor ’O2’

(GMM) At the end of the 2006 season, BMW looks set to lose British mobile phone company 'O2' as a sponsor of its formula one team.

According to reports, continuing Renault backer 'Telefonica' will pull the brand from its rival team's livery after the Spanish telecommunications giant bought 'O2' earlier this year.

It is therefore possible that the 'O2' logo will move to the cars steered by Giancarlo Fisichella and his unconfirmed Renault teammate for 2007, with speculation that – with the O2 brand – Telefonica is hoping to make a bigger mark in the European markets of Germany and the UK.

Telefonica paid $33.5bn for O2.