Pursuits
Philip Morris Can’t Kick 20-Year Ferrari Formula One Habit
Kimi Raikkonen of Finland and Ferrari drives during the Spanish Formula One Grand Prix at Circuit de Catalunya, in Montmelo, on May 10. Photographer: Mark Thompson/Getty Images
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Philip Morris International Inc. is continuing one of the quietest sponsorships in sports.
The largest publicly traded tobacco company has renewed its backing of the Ferrari Formula One team for three more years even though advertising laws means it hasn’t displayed the Marlboro cigarette brand at a race since 2007, team manager Maurizio Arrivabene said.