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Foster's out of GP

Australian brewer Foster's is pulling out of global sponsorship of Formula 1 car races after 20 years.

That follows the sale of the brand name in Europe to Foster's UK brewing and distribution partner, Scottish and Newcastle, for $750 million.

Foster's has the naming rights for F1 events in Australia, Imola in San Marino and Silverstone in the UK. It has also signature rights for 10 races and pourage rights for 12 of the 18 races through the year at an annual cost of $17 million.

It will be up to Scottish and Newcastle to decide if it stays in Formula 1 car racing in Europe when the current contract ends in December, according to a report in The Advertiser on 12 March.

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