ABB set to lend its name to Formula E in bumper sponsorship deal
ABB, the Swiss industrial company, is set to be unveiled as the title sponsor of motor racing’s Formula E in a lucrative deal that is poised to be the largest of its kind.
The Zurich-based company will be the electric series’ first ever title sponsor in a long-term deal that will total nine figures.
Formula E is expected to officially unveil ABB as its naming rights sponsor at a press conference in London tomorrow.
In an interview with Sportcal last year, Sam Piccione, the series’ chief revenue officer, said that Formula E was aiming to introduce a title sponsor by the 2018-19 campaign, which will get under way at the end of this year.
At the time, Piccione indicated that the series was seeking an “eight-figure” annual fee from the deal.
He also implied that the length of the deal would be between five and 10 years.
Piccione remarked in July: “It needs to be a long-term mutual beneficial relationship because we’re not going to want to change this name multiple times in a short time. We’re looking for a brand that can grow with us over a five- or 10-year period.”
Formula E’s other sponsors include Julius Baer, the Swiss private banking company, Visa, the payments firm, Hugo Boss, the German fashion brand, and DHL, the logistics company.
The 2017-18 Formula E season continues this weekend with the Marrakesh ePrix in Morocco.