Ferrari Extend Philip Morris Sponsorship Deal to 2018
May 14, 2015
American tobacco company Philip Morris International (PMI) has extended its long-standing sponsorship of Formula One team Ferrari, according to Bloomberg.
The two parties have signed a three-year extension which will now run until 2018.
Financial details of the deal were not disclosed but the company reportedly pays $160 million annually for its current deal.
Due to the European Union’s ban on tobacco advertising in Formula One in 2005, PMI haven’t been able to display its Marlboro cigarette branding on Ferrari vehicles.
However, Ferrari cars feature a red and white square which is believed to represent Marlboro.
PMI is the only tobacco brand that still has a link to Formula one and agreed the contract extension at a board meeting over a year ago, but decided not to make it public.