Branson in Brawn negotiations

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Sir Richard Branson has made Brawn GP an offer to become principal sponsor - but finds himself in a battle for branding.

Branson and his Virgin Group forged a partnership with the team in Australia, since when the famous logo has adorned the cars of both Jenson Button and Rubens Barrichello. As the short-term deal was put together very quickly, he admitted in Melbourne his hopes were for a more longer-lasting relationship.

"The team have become very popular since the beginning of the season," said Branson. "At the moment we are negotiating, as are other people, and we may or may not end up doing a full-branding exercise."

He added: "If we don't do it we will obviously be the sponsor for this year and would be delighted with the way it has gone. And if we end up doing it, even better. Let's see how it goes.

"But someone could come in and pay a silly price. If that happens, we will bow out gracefully. At the moment we've made an offer we feel we can afford."

Team principal Ross Brawn confirmed discussions were still ongoing, adding: "We are looking to try and develop a bigger, longer-term relationship.

"It is understanding what they want and what we want.

"In this particular (financial) environment, any team is looking for medium-term commitments, so it would be nice to have our principal funding in place for the next few years."