Travelex set to leave Toyota F1?

By Andrew Hooper
October 8 2003

 
Toyota F1 to lose Travelex?
 
It has been reported that the Toyota F1 team has lost a key sponsor, Travelex, just two years into their agreement.

Travelex is a foreign exchange operator, who was assisting the Toyota F1 team to the value of $11 million over the next five years. Based on a change in marketing strategy the company does not feel that Formula One fits into this strategy.

It was the companies aim to promote their activities in Europe and Asia. But there has now been a shift towards the US market.

Travelex marketing head Anthony Wagerman said: "With the change in strategy, it no longer makes sense to continue with Toyota and Formula One."
 
 
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