Sauber and Niki Lauda leave Money Service Group
Since last year, Money Service Group had made a name for itself in F1 by sponsoring Toro Rosso, then Sauber. The financial group based in Liechtenstein had also become the personal sponsor of Niki Lauda, with its logo prominently displayed on his legendary cap. However, it seems to be in financial turmoil and could even be sued by several of its partners.
As the controversy surrounding the company recently led by Michael Seidl (before he abruptly left his position, officially for health reasons) unfolds, Niki Lauda and then Sauber have decided to end their relationship with Money Service Group.
Last week, Niki Lauda took the lead in announcing the end of his collaboration with his sponsor, who had made him wear a dark blue cap instead of his traditional red one, due to the turbulence of recent days. I am delighted to wear a red cap again. However, his new cap will not feature any sponsor for the moment as he has not yet found a replacement for Money Service Group. But given his business acumen and strong media exposure through his contract with RTL, he should have no trouble finding a new partner willing to provide substantial income (his contract with Money Service Group was estimated at one million dollars per year).
Today, it is Sauber’s turn to cut ties with its now former sponsor. This took the form of a terse press release: «In light of recent developments concerning Money Service Group, Sauber F1 Team has decided to terminate its relationship with the company with immediate effect. MSG logos, which appeared on the team’s clothing, on the pit walls, and in press releases, will be removed immediately after the Hungarian Grand Prix in Budapest.»
But it seems that the financial group’s legal troubles are not going to stop there, as the Liechtenstein prosecutor has already confirmed interest in the company’s affairs, suspected of massive commercial fraud. Following the issue of an international arrest warrant, Michael Seidl was arrested by Swiss authorities in Saint Gallen. As for the sports sponsorship agency Weirather-Wenzel & Partner GmbH, it announced that it would pursue Money Service Group for not receiving the 300,000 euros promised in the context of the Kitzbühel World Cup ski event, one of the most popular events in the calendar. The list of dissatisfied partners might not stop there as the case unfolds.
With the participation of RacingBusiness.fr
