Financial Services Company UBS To Reduce Sponsorship Of F1 Amid Budget Cuts

A report in Swiss newspaper Blick said that Switzerland-based financial services company UBS is "reducing its annual spend" from about $54M-$32M, according to Andrew Maitland of GMM. UBS, which entered F1 in '10 -- powered by then-CEO Oswald Grubel -- is "scaling down its investment in the sport." The company is now headed by Sergio Ermotti, a Swiss banker, who last year "commenced market research into the wisdom of Grubel's F1 deal." A UBS spokesperson said, "We have always stressed that Formula One is a long-term commitment." UBS has reportedly agreed to a "new, less lucrative contract" with F1 CEO Bernie Ecclestone (GMM, 9/1).