Brawn budget secure for 2009

Brawn GP CEO Nick Fry says the championship-leading team has no worries over its budget for the remainder of 2009, insisting it will be able to continue to develop its car as it wants to even if it didn’t secure another sponsorship deal.
After Ross Brawn’s management buyout saved the Brackley-based squad from closure over the winter following Honda’s sudden withdrawal from Formula 1, the new team owner admitted its current financial arrangement was a “medium-term solution” and it needed to find sponsors going forwards. A high-profile tie-up with Richard Branson’s Virgin Group was subsequently sealed on the eve of new season in Melbourne, while the team has also announced several other smaller deals.
But while yet to secure a title sponsor or other major brands, Fry has confirmed that the team already has the budget it needs to keep developing the pacesetting BGP 001, and start work on the 2010 model, right through the season as it bids to claim the world titles.
“There is no issue whatsoever with funding through this year,” he said in Monaco.“Even if we didn’t get another penny in sponsorship we’d be able to do what we need to do.“We are using our money wisely and that means spending it on the performance of the car and the whole team, including Ross and I, going EasyJet – that’s how it should be, that’s what you do in constrained economic environments.“But as far as development of the car goes we are in good shape.”
Brawn’s remarkable run of success in the opening third of the season has, according to Fry, naturally helped its attempts to entice new sponsors on board.Indeed while revealing it has received a number of offers already, Fry says the team is in a position where it can afford to cherry pick the deals which offer the best long-term benefits.
“The beauty in our situation is that we don’t need to take the first deal that comes along; indeed we haven’t taken the first deal that comes along because we don’t need to,” he revealed.“We want to do what’s right for three years and even five years out, and that’s what we are trying to do at the moment.
“If we can do that it will be wonderful for us because then we can get on with the racing and be working with partners that will be developing their brands alongside and we maybe relax at least on one front.”He added: “What we are trying to do is get the best business proposition and that means hanging on a little bit and 1-2s at Monaco don’t harm the situation.”
While Virgin logos have been the major sponsor presence on the team’s car and Branson has attended several races so far in 2009, the tie-up has yet to progress to the “ two-stage deal” envisaged when it was announced in Australia.Reports in the British press ahead of last weekend’s Monte Carlo race suggested rival teams had also been courting Virgin, with Brawn and Branson having yet reached agreement on a longer-term deal.
Asked about the latest state of its sponsorship search, Fry said talks with both Virgin and other potential sponsors remained ongoing.
“We are very close to several commercial agreements,” the team CEO said.“I am sure other teams are interested in Virgin and I would expect them to look with others.“But we are continuing discussions with Virgin and we are talking to many others as well.”