January 20, 2014 / 10:51 AM / 6 years ago

Motor racing-Saxo Bank moves into F1 with Lotus sponsorship

LONDON, Jan 20 (Reuters) - Denmark’s Saxo Bank will be one the Lotus Formula One team’s sponsors this season, moving into motor racing after being involved in cycling since 2008, the company said on Monday.

Although limited in scope, the one-year deal is a boost for a Lotus outfit which had financial problems last season despite finishing fourth in the constructors’ standings.

Saxo Bank will use the Lotus team name in its marketing and also be able to host clients at Formula One races as a sponsor.

“This is a modest step in because we always like to test things out first,” said Lars Seier Christenesen, Saxo Bank co-CEO. “If it works, we’ll step it up,” he added.

The bank remains involved in cycling as a backer of the Russian-owned Team Tinkoff-Saxo, whose riders include Spanish two-time Tour de France winner Alberto Contador. (Writing by Keith Weir; Editing by John O’Brien)

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