Ferrari sponsors to pay $4.7m to Force India
5 November, 2009
Nov.5 (GMM) Abu Dhabi companies Etihad Airways and Aldar Properties have been ordered to pay $4.7 million to Force India.
The sponsors, having agreed a three-year deal worth $20m in 2007 when the Silverstone based team was known as Spyker, were found to have breached contract when they switched to Ferrari a year later.
In the London High Court proceedings, Etihad argued conflict with Kingfisher, the brand owned by Vijay Mallya, the Indian billionaire who bought Spyker and renamed it Force India.
Judge Gray heard that Mallya actually promoted the beer arm of Kingfisher rather than the airline, and said the compensation owed by Etihad/Aldar would have been higher had Force India not found replacement sponsors.