Heineken Boosted Formula 1's Sponsorship Revenue By $16.8M In '16
Dutch brewing company Heineken boosted Formula 1's sponsorship revenue by around $16.8M last year, accounts revealed, according to Christian Sylt for the London TELEGRAPH. After "almost two years of negotiations about sponsoring F1," the brewer "got to the finish line" in '16 when it signed a deal to become the sport's global beer partner. Company filings from F1 owner Liberty Media reveal that "advertising and sponsorship revenue grew in 2016, primarily driven by a new contract with Heineken." Heineken's sponsorship deal "got off the grid" at the Italian Grand Prix in Sept. '16, and if it had paid pro-rata for the rest of the year, it would bring the annual total to around $39.2M (TELEGRAPH, 10/15).