F1 in struggle to sell £70m worth of sponsorships

More than £70m worth of Formula One sponsorship deals remain unsold, despite the sport's buoyant start to the 2003 season and healthy increases in international TV audiences.

Research by consultancy BusinessF1 shows that F1's ten teams have a total of 31 sponsorship packages available, with an aggregate value of $111.9m (£70.9m).

While Jordan Ford - which is running this year without a title sponsor - has the highest amount of inventory available at $21.6m (£13.7m), even Ferrari, the world's most marketable motor sports brand and winner of last year's championship, has a $17m (£10.8m) package up for grabs.

The figures suggest that while F1 is back on track after a dismal 2002, the sport still has some way to go to convince sponsors to invest during a period of economic uncertainty.

"Only time will tell whether F1's new format will tempt sponsors back into the fold," said a spokesman for sponsorship consultancy Karen Earl, whose clients include Coca-Cola and Royal Bank of Scotland.

"The early indications are that brands will want to see how F1 shapes up this season before making a call."

BusinessF1 claims Jaguar Racing has three packages on offer, worth $11.3m (£7.2m).

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