Toyota Announce Sponsorship Deal with AVEX

The Toyota Formula One team have joined forces with record company AVEX, who will sponsor the Japanese squad starting at this weekend's Monaco Grand Prix.

"We are very pleased to welcome AVEX as a sponsor of Panasonic Toyota Racing," said Tsutomu Tomita, chairman of Toyota Motorsport. "AVEX is a brand that enjoys fantastic popularity among the young generation.

"We are sure that AVEX fans will add to our worldwide supporters and benefit our two companies immensely. In order to meet the expectations of all our fans, we are committed to making further efforts in the development of Panasonic Toyota Racing."

AVEX, founded in 1988, is one of the largest independent record companies in the world, and the AVEX logo will be displayed on Toyota's car from the Monaco Grand Prix. The team said the contract between AVEX and Toyota is a multi-year one.

"We are delighted to join up with Panasonic Toyota Racing and have our brand name on the car representing two world famous brands, Panasonic and Toyota," said Tom Yoda, AVEX's CEO. "We look forward to growing our brand, AVEX, worldwide, thanks to the success of the team."