F1 »

500 jobs to go at McLaren title sponsor Vodafone

Telecommunications giant Vodafone has announced 500 job cuts as part of a £1 billion cost-cutting package – but it is unclear if the losses will affect in any way the company's title sponsorship of the McLaren-Mercedes Formula 1 team.

The redundancies amount to five per cent of Vodafone's 10,000-strong UK workforce, as the mobile phone operator endeavours to achieve its savings targets by March, 2011. The Newbury-based organisation is the world's largest mobile phone company in terms of income, but since the global credit crunch late last year has been battling against the escalating cost of raw materials, falling handset sales and increasing competition from its rivals.

More than a third of the losses will be made at Vodafone's Berkshire HQ, in back-office roles, but all of the company's UK operations will be affected, the BBC reports. Only recently, the group released revenue figures of £10.47 billion for the final quarter of 2008, up 14.3 per cent on the same period the previous year.

“Vodafone UK has today announced reductions to its operating costs in order for it to compete more effectively in the UK market,” a statement read.

“As customers look for best value in their mobile services, Vodafone intends to reduce its cost base whilst continuing to invest in new products and services to meet changing customer needs.”

F1 has already been hit in 2009 by the announced withdrawal of chief Renault backer ING, the departure of long-time BMW-Sauber sponsor Credit Suisse and the potential loss of significant Williams supporter the Royal Bank of Scotland amongst others.


Related Pictures

Click on relevant pic to enlarge
Lewis Hamilton, Vodafone McLaren Mercedes. Silverstone 06/03/07.
Juan Pablo Montoya celebrates after winning the 2017 Race of Champions title in Miami [Pic credit: ROC]
Race of Champions 2017, action [Pic credit: ROC]
Juan Pablo Monotya. Race of Champions 2017, action [Pic credit: ROC]
2017 Race of Champions line-up in Miami [Pic credit: ROC]
George Russell, Mercedes junior programme, [Credit: Mercedes]
Kevin Magnussen - Haas F1 Team [credit: Haas F1 Team]
Valtteri Bottas - Mercedes AMG Petronas
Valtteri Bottas - Mercedes AMG Petronas
Valtteri Bottas - Mercedes AMG Petronas
Valtteri Bottas - Mercedes AMG Petronas
Ayrton Senna - McLaren. 1993 Donington Park
Nico Hulkenberg - Renault Sport F1
Renault Formula One Team, launch date, [Credit: Renault F1]
Nigel Mansell - McLaren-Mercedes
Who will replace Nico Rosberg at Mercedes?
Who will replace Nico Rosberg at Mercedes?
Lando Norris, McLaren Autosport BRDC Awards [Credit: Martyn Pass PR]

Join the conversation - Add your comment

Please login or register before adding your comments.

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us and inform us of the problem or use the [report] function next to the offending post. Any message that does not conform with the policy of this service can be edited or removed with immediate effect.


Race1 - Unregistered

February 24, 2009 6:27 PM

Bit of a non story. until Vodafone announce they will be dropping McLaren it's not "that" relavent to F1. RBS still sponser Williams IIRC? How many F1 teams have been FORCED to make Job cuts due to Moseley's "Cost Cutting" No Test teams for one. Let alone the standard ECU and gearbox/engine/ aero restrictions.



© 1999 - 2017 Crash Media Group

The total or partial reproduction of text, photographs or illustrations is not permitted in any form.