Malaysian oil and gas company Petronas has confirmed a long-term title sponsorship deal with the Mercedes Grand Prix team, just says after saying that it would not be involved in Formula 1 as a team sponsor next season.
Having been associated for over a decade with the Sauber - later BMW - team, Petronas explained last week that it would not continue in F1 as a team sponsor next year but remain only as title sponsor for the Malaysian Grand Prix.
However, Monday's news marks the first large outside funding for the Brackley-based Mercedes, with a concept livery released by the team showing Petronas branding on the front and rear wings of the car which, due to their sizes and visibility to onlookers, are two of the more expensive areas for logo-showing on an F1 car.
"Everyone at Mercedes GP is delighted to confirm our long-term agreement with Petronas and we look forward to working closely with our new partner in the future," commented Mercedes Team Principal Ross Brawn.
"The collaboration of the premium automotive brand Mercedes-Benz and a company as prestigious as Petronas gives our team a fantastic base from which to achieve our ambitions of competing at the top level of Formula 1 and building on the success of 2009, which saw the team achieve the Constructors' and Drivers' Championships.
"Our plans for the new season are progressing well, as is the development of our 2010 challenger, and we look forward to seeing the car run in the new silver arrows and Petronas livery at the Valencia test in February."
The news is likely to come as a particular blow to the newly-formed Lotus team which, under Malaysian ownership and soon to be based at Malaysia's Sepang circuit, was always tipped as the most likely candidate for a Petronas contract.
source: malaysiangp
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