Branson’s Virgin Group was seriously thinking about buying the floundering Honda GP team before Ross Brawn completed a management buy-out.
Formula One supremo Bernie Ecclestone has been keen to get Branson into Formula One and has been prominent in working out the sponsorship deal.
The famous Virgin logo will now appear on the Brawn GP car, although they are not due to be the title sponsors.
The deal, which has been confirmed by F1 boss Bernie Ecclestone, is expected to be formally announced on Saturday and will mark the first major sponsorship signing since Brawn completed a management buyout of the F1 squad several weeks ago.
“Virgin and Brawn have come to commercial terms which he [Branson] thinks are viable,” Ecclestone said. “I’ve been pushing, pushing, pushing and pushing. It’s good for the team, it’s good for Formula One, I’m very happy with it.”
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