Dec.3 (SportBusiness) Caterham team principal Tony Fernandes founded AirAsia and according to a filing to the Bursa Malaysia the airline has committed US$1.14 million for company media space and a further $315,000 for additional advertising, on-ground and PR-related activities.
An AirAsia statement read: “Under the extension, AirAsia shall be an official team partner of Caterham F1 and title sponsors of the (driver development) programme for the duration of the 2012 F1 racing season at the same terms as provided in the agreement, except in relation to the sponsorship amount from the company to Caterham F1.”
The agreement is part of the low-cost airline’s bid to utilise sports sponsorship to drive consumer aspirations and build sports-related themes in relation to sales campaigns for various flight destinations. The company intends to utilise its association with F1 to elevate its brand perception from that of a low-cost carrier to a brand associated with high-end sports and cutting edge technology.
Caterham F1 entered the sport under the Lotus Racing moniker as one of three new additions to the 2010 Formula One grid. Competing under the Team Lotus name in 2011 a long legal battle will see the outfit rebranded as Caterham F1 in 2012, with the current Renault team becoming Lotus. AirAsia will continue in a sponsorship portfolio which also includes General Electric, Dell, Tune Group, Naza and CNN.
AirAsia has agreed a one-year extension to its sponsorship of Caterham F1 as the team prepares to enter the 2012 Formula One season under its new moniker. The airline were involved with the AirAsia Team in the GP2 Series last year.