FxPro, an online broker, and the McLaren F1 Team, a British Formula One team, announced that they have formed a partnership agreement today. Neither firm detailed the precise timelines involved but the deal will see FxPro sponsoring McLaren for several years.
The CEO of FxPro, Charalambos Psimolophitis, commented on the deal, saying: “we are proud to be entering this multi-year partnership with McLaren, a team with an illustrious history and exciting future. We always look for partners that share our passion for excellence and success, and McLaren embodies those values perfectly.”
The deal will have an instant impact as the McLaren team start racing in the Monaco Grand Prix today. FxPro branding will feature prominently on the McLaren MCL33, the Formula One team’s car of choice.
McLaren also discussed the sponsorship deal. The company’s CEO, Zak Brown, stated: “We are pleased to welcome FxPro as an official partner to the McLaren Formula 1 team. Both FxPro and McLaren are committed to innovation and excellence in their fields, making this a natural partnership.”
The announcement comes amid a busy week in the world of FX sports sponsorship. Last weekend, Rakuten, the owner of Rakuten Securities, announced an expansion of its current partnership with Barcelona, a Spanish football club. This was followed by Libertex, another broker, confirming that they were continuing their sponsorship agreement with James Rodriguez, a Colombian football player.
One person who won’t be pleased by today’s announcement is Robert Ophele. Speaking last week, the president of the Autorité des marchés financiers, a French regulator, strongly criticised Atletico Madrid, a Spanish football team, for allowing Plus500 to sponsor them. Leaving no uncertainty as to whose feelings regarding the FX industry, he stated that Plus500, an online broker, deals in “toxic products”.