While it has also been reported that his deal with Virgin Racing saw little or
no money changing hands, with the team happy to trade on the brand.
However, Telegraph Sport understands that money, running into the
millions, has certainly changed hands, while under the terms of the previous
deal Branson also had warrants to buy shares.
As part of the new deal, believed to be for four years, Virgin will not have
any equity but will continue to pay sponsorship, while Branson will have
certain obligations; for instance, he will be required to attend a set
number of races per season and assist with finding and closing sponsorship deals.
Virgin branding will remain prominent on the car as its involvement becomes
more equivalent to that of a regular sponsor.
Provided everything is signed off by the F1 Commission on Thursday – and
there have been murmurings from some teams that names should not be hawked
and traded – Team Lotus will next year be known as Caterham, while
Renault will be known as Lotus.
Among the other items on the agenda are the 2012 Bahrain and Korean grands
prix, both of which are uncertain.