Monday September 10th, 2001

Japanese manufacturer Toyota has reportedly agreed to a deal worth £80 million to sponsor British ITV network's Formula One coverage starting in 2002 and lasting for four years. The deal will also include a £25 million sponsorship of ITV's Formula One programmes.

Toyota, whose team will make their Formula One debut in 2002 after carrying out an intensive development programme in 2001, is aiming to expand its UK market share over the next years.

"Toyota has invested £1.5 billion (pounds) in the UK and are keen to grow production at our factory as well as UK sales," Mike Moran, commercial director of Toyota, was quoted as saying by the Sunday Telegraph.

"The sponsorship coincides with our own entry into F1 as a full factory team and is another important step in our aggressive UK sales strategy."

According to the Sunday Telegraph, the Japanese manufacturer saw off fierce competition from Foster's, the Australian lager brand which sponsors Formula One events.

Published at 09:28:39 GMT

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