Russian financial services group VTB has signed as title sponsor of the country’s round of the Formula One motor-racing championship.
The agreement means the 2017 race, which will be held in Sochi from April 28-30, will be known as the VTB Russian Grand Prix. The company’s branding has been included in the race’s logo and VTB has obtained additional advertising, marketing and communication options.
“The right to be the title sponsor of such a major international project opens up new opportunities for both VTB Group and the Russian round of the FIA Formula One World Championship,” Vasily Titov, first deputy president and chairman of VTB’s management board, said. “I am confident that our cooperation will become an example of an effective sponsorship in the area of motorsport for many companies.”
The agreement is the first major sponsorship deal to be announced following Formula One’s takeover by US mass media company Liberty Media. New Formula One chief executive Chase Carey said that he hopes the deal will extend beyond the 2017 race.
In other motorsport news, eyewear manufacturer Oakley has signed on as title sponsor of the Italian Grand Prix in the MotoGP motorcycling championship.
Oakley has agreed a deal for the 2017 and 2018 races at Mugello, with an option to extend for the 2019 season.
Oakley, as a longstanding partner of MotoGP, is the official eyewear supplier to the championship as well as being the brand of choice for many of the best riders in the world – including nine-time world champion Valentino Rossi and reigning champion Marc Marquez.