The Sauber F1 Team has announced that it terminates the partnership with the Money Service Group with immediate effect. The company, based in Liechtenstein, reportedly did not fulfill its sponsorship commitments and is now finding itself in financial difficulties.
The team sent out the following note: "In the light of recent developments regarding the Money Service Group, the Sauber F1 Team has decided to end its partnership with the company with immediate effect."
"The MSG logos which have been appearing on the team gear, pit partition walls, backdrops and press stationery will be removed immediately after the Hungarian Grand Prix in Budapest."
MSG also has a sponsorship deal with Austrian city Kitzbühel for the ski competition held there in the 2010-2011 season. Austrian media have reported that this 3 million euro contract was not fulfilled.
The company is also currently the personal sponsor of former F1 world champion and Austrian Niki Lauda.