Credit Suisse ends Sauber sponsorship

UPDATE Mario Theissen says BMW Sauber has no budget worries for 2009 following the loss of major sponsor Credit Suisse, although he admits there is still some sponsorship space to fill on the new F1.09. Swiss banking giant Credit Suisse decided not to renew its sponsorship deal with the team for the new campaign, ending a relationship with the Hinwil-based squad that stretched back to 2001 when the team was known as Sauber.

But asked about its sponsorship situation at the launch of the new BMW in Valencia, Theissen said a number of deals had come up for renewal during the winter and that while some had not been extended, he was hopeful of welcoming some new sponsors on board in the forthcoming months.

“I have to say we are absolutely safe on the budget side for this year," he said. “We are in a situation where the initial sponsoring contracts, several of them ran out, some have been renewed and others not. We are looking for new sponsors; we have two or three spaces available. It might happen before the season, it might happen during the season and I would say it’s business as usual on the sponsoring side. When we started at the end of 2005 we got all of the sponsors on board and most of the sponsoring contracts are three-year contracts."

01/20/09 Bank Credit Suisse has announced it is terminating its sponsorship of Formula One team BMW Sauber, having sponsored the team since 2001.

Switzerland's second-biggest bank paid an estimated €17 million a season for its logo on Sauber cars and drivers, the contract for which ended last year. The bank said it was choosing instead to concentrate on sponsoring regional events and institutions.

“The team is on the right track. Therefore, this is the right time to say farewell," Credit Suisse spokesman Matthias Friedli told the Swiss Sunday newspaper SonntagsBlick.

BMW Sauber unveiled their 2009 car today having had a successful 2008 season winning its first race and finishing third overall, 55 points clear of Renault in fourth.