Madrid (23/07/2008).- Telefónica will be the principal sponsor of the Formula 1 Grand Prix of Europe, which will be held in Valencia on the 22, 23 and 24 of August, in line with the agreement signed by the operator with the company, Allsport Management. Therefore, this race will now be known as the Formula 1 Telefónica Grand Prix of Europe.

After signing the agreement, Guillermo Ansaldo, managing director of Telefónica España, pointed out : "Through our sponsorship, Telefónica wants to ensure that the Formula 1 Telefónica Grand Prix of Europe , which is to be held in Valencia, will have everything in its favour to become one of the most evolved, modern and attractive races on the Formula 1 global calendar".

Bernie Ecclestone, CEO of the Formula 1 group, said: "It is an honour for us to have Telefónica support the Formula 1 competition in Valencia in the same way it has done at Montmeló over the last three years. We are grateful to both Telefónica and its clients for their support."

With this new initiative, Telefónica has become the main driving force behind Formula 1 Grand Prixs in Spain. We must remember that the phone company is also the principal sponsor of the Spanish Grand Prix held in Montmeló in the last three years.

The sponsorship by Telefónica of the Telefónica Grand Prix of Europe yet again demonstrates how committed and close it is to the public and to its clients, becoming one of the main promoters of sport in Spain and participating in one of the most outstanding sporting events in the country.

Telefónica and motor sports

This initiative confirms Telefónica's support for international motor sports and, in particular, for Formula 1. This highly competitive sport has enormous national and international repercussions and is characterised by its leadership in performance, innovation and technological advances.

The products and services provided by Telefónica to its clients have values in common with motor sports and, particularly, with Formula 1: cutting-edge technology pushed to the limits, the constant drive for improvement, the obligation to always be in the lead and to seek better results are characteristics shared by both the operator and F1.

Source: Telefónica