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It’s cache and probably a pet project of the CEO. There’s no way anyone, except maybe a bike brand, can argue that sponsorship pays off.
It’s true in almost all sports, isn’t it? I’m trying to think of one sport where an advertiser can truly make a good ROI... it’s usually about the free passes, the tent out the back and the CEO’s ego.
Maybe I’m cynical.
There's possibly also the issue that most of the racing is in Europe. How much trade is Aus doing with Europe to the point where advertising in EU is going to benefit an Aussie company?