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Price drop for ITV F1 sponsorship? // A lack of interest creates a funding problem for the UK broadcaster

Published by Mr. C

According to the marketing website Brand Republic, ITV are having to drop the price of their proposed 2008 Formula 1 sponsorship package due to insufficient interest.

The company recently lost 2007 sponsors Honda, after it was claimed the asking price would increase from £2.5m up to £4m for the coming season. It now looks as though this years price will be roughly similar to last years, despite the increased interest the channel received due to some bloke from Stevenage.

Recently, ITV's head of sport Mark Sharman, stated that:

What sport does, and Formula One in particular, is deliver an ABC1 male audience, and that's priceless for us.

One might suggest that there is a price, and that £4m is a bit too steep.

Last year the Brazilian Grand Prix, which witnessed the climax of the driver's championship, managed to net an average of 7.3m viewers, compared to just 4.9m the previous year. So there may well be a valid argument for a price increase, but it would appear that so far, ITV haven't found anyone willing to cough up as much as they'd like.

You can read the full story on Brand Republic, although be warned that it's a subscription site and you'll have to log in to view the whole article.