This is certainly very reasonable. Because the Caterham team principal Tony Fernandes, AirAsia is one of the founders. According to Bursa Malaysia, the airline is ready to provide cash support amounting to USD1.14 million to Caterham.
"Under the contract extension, AirAsia will be partners and sponsors for Caterham F1 driver development program for the duration of the 2012 F1 racing season on the same terms as stipulated in the agreement, except in conjunction with a number of corporate sponsors for Caterham F1," AirAsia said in a statement on Wednesday (03/01/2012).
This agreement is part of an offer of low cost airlines to take advantage of sports sponsorship to encourage the aspirations of consumers and build a sports-related themes in relation to sales campaigns for various destinations.
The Company intends to utilize the relationship with F1 for improving the perception of the brand's low-cost carrier, to a brand associated with high-tech sport.
Caterham doing in the name of the Lotus F1 Racing Formula One in 2010. After a long dispute with Renault, they decided to change its name to Caterham F1 in the 2012 season.
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