Feeds

Marconi and Nortel forced to pull out of Formula One

Cause they can't bleedin afford it

  • alert
  • submit to reddit

Top three mobile application threats

Marconi and Nortel Networks are being forced out of Formula One sponsorship next season thanks to dire results this year.

Marconi has gone from being one of the UK's leading companies to a burnt-out shell, with its share price now living in the telecoms toilet bowl at 16.6p from 950p just a year ago (over 1200p in August 2000). The chief exec, chairman and deputy chief exec have all been kicked out.

Nortel, which exists in the same telecoms markets as Marconi, has also seen a calamitous fall in its value. Just last week, it warned of even deeper losses of $3.6 billion on revenues of $3.5 billion. That's not good.

All this means that the directors can no longer enjoy fatcat sponsorship of Formula One racing cars and the Benetton-Renault and BMW Williams teams will have to find some new companies to support them.

Neither company will say how much it paid in sponsorship each year, but the lovely Suzy Jagger in the Mirror City column reckons it's anything between £7 million and £25 million.

In return for this money, both companies get entry for a number of guests at each Grand Prix in a special VIP area as well as limited access to the drivers for promotion. Oh, and their icons are put on the cars that whizz round the track in front of millions of TV viewers.

Nortel has a prominent position on the front of the driver's helmet and the front wing of the car for BMW Williams (third in the constructors championship), which doesn't come cheap. Marconi on the other hand has the side of the Benetton cockpit to plaster its logo. Benetton is languishing in seventh place above Jaguar, Prost and Arrows. ®

3 Big data security analytics techniques

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.