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SBD Global/August 4, 2014/Marketing and Sponsorship

Hong Kong Driver Adderly Fong Offered Formula One Reserve Seat At $4M Cost

Hong Kong's Adderly Fong Cheun-yue has been offered a reserve seat with an F1 outfit -- believed to be Marussia -- but must find €3M ($4M) sponsorship if he wants to join a team, according to Unus Alladin of the SOUTH CHINA MORNING POST. The 24-year-old up-and-coming racing driver "finished competing in the GP3 series" two weeks ago in Hockenheim, Germany. Fong said that he has been offered a reserve seat "but he must come up with massive funding to make it all happen." Fong said, "I'm very happy to have been given the offer. It's finding the sponsorship that brings me to the next level." It is normal practice in F1 "for drivers to pay for a reserve seat, particularly on smaller teams, to offset the huge costs of running a team and to bring in sponsorship." Fong: "No team has been able to tap into the Chinese market yet and the potential to do business with them is there." The first instalment of payment -- around €800,000 ($1M) -- "must be paid by the end of December for a reserve place to be secured for 2015" (SCMP, 8/3).
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