The deal, which was supposed to comprise cash component and services was worth between $5 million and $10 million per year.
The disgraced Indian software giant Satyam had created a sensation in 2007 when it became the first Indian company to sign up as FIFA World Cup sponsor for the 2010 and 2014 events. It seems Satyam’s venture into the world of sports was not limited to football alone. According to a source in Hyderabad, the IT company was keen on making its mark felt in the fast lanes of Formula One as well. It has been learnt that the team was on the verge of tying up with one of the top teams in the sport, Renault F1.
Satyam’s partnership with Renault would have involved providing IT solutions to the French team. The deal, which was supposed to comprise cash component and services was worth between $5 million and $10 million per year. The talks for such an arrangement had begun earnestly from September 2008 and were progressing well. The two sides were close to inking the deal. However, the proposed deal met its logical end the moment Satyam’s massive scandal came to light.
However, a Satyam official said that Formula One still continues to be an area of interest for the company. It seems Satyam wanted to follow in the footsteps of another Indian company, Tata Consultancy Services, which provides IT solutions to Ferrari.
Satyam’s tie-up with a Formula One team was logical considering that it had struck a sponsorship deal with FIFA for establishing its presence in more countries. After football World Cup and Olympics, Formula One draws the biggest number of viewers.
In fact, the Brazilian GP alone attracted an average live global TV audience of 78 million viewers, with a total of 119 million viewers. In India, the F1 viewership on raceday weekends is nearly 15 million viewers.
The Satyam official further stated that the FIFA deal is very much on and that they were providing services for the Confederation Cup to be held in 2009.
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