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Mercedes Grand Prix sponsorship dispute resolved

Mercedes Grand Prix seeks to draw a line under its sponsorship dispute with Henkel after an ex-employee of the German consumer products group 'agreed' a deal with the reigning F1 World Champions without authorisation
The sponsorship disagreement between Mercedes Grand Prix and German adhesives and liquids firm Henkel has been resolved, it has been confirmed – a week after it was revealed that a Henkel employee had agreed a €90 million, three-year contract with the reigning double F1 World Champions without prior authorisation from the company's CEO.

With the Henkel board refusing to honour the 'deal', a law suit was filed against Mercedes' predecessor Brawn GP and an embezzlement and fraud investigation opened regarding the now ex-employee in question [see separate story – click here] – but in a team statement released today, the Stuttgart manufacturer has sought to clear up its role in the situation.

'The differences between Brawn GP and Henkel with regard to a Formula 1 sponsorship have been resolved by mutual agreement,' read the statement. 'All potential claims will be dropped. As a consequence, all court proceedings will be withdrawn.

'The new Formula 1 team Mercedes GP Petronas – together with the colleagues from the former Formula 1 team Brawn GP – will continue to co-operate with the prosecutor's office and assist in the further clarification of the matter.'



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richard

December 22, 2009 7:05 PM

alan d. the scam was explained about a week ago, and seemed to involve the employee going to banks with the forged contract, and managing , somehow, to get money transferred to his account. i think that a total of 11m had "gone missing". an accountant would be able to explain the ins and outs of the scam



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