Hugo Boss is getting some of the best value for money as a formula one sponsor, a leading sponsorship consultancy firm has found.

The evaluation by Cologne based Sport Und Markt compared brand awareness versus the amount spent by F1 sponsors in 2010.

The result showed that fashion brand Hugo Boss, a long-time McLaren sponsor, had among the most efficient investments in F1, reaching 4.9 million people for its $3.1 million annual spend.

The very best however was Hewlett-Packard, reaching 6.6 million people by spending just $1.5 million for its minor Renault branding.

Allianz comes in at 11th place, Puma 14th and Mercedes-Benz far behind in 23rd, because each person reached cost the German marque a considerable $4.78.

Also struggling for sponsorship efficiency is DHL, one of F1′s official partners, ranking 32nd with its $10 million annually buying recognition among only 300,000 people.

A spokeswoman insisted to German business newspaper Handelsblatt: “This long-term partnership is for us one of the most powerful marketing platforms.”

Bulgaria demonstrated it is serious about joining the F1 calendar by sending a senior government minister to the Italian grand prix.

A scandal erupted recently after reports said an Abu Dhabi company was going to fund a formula one track for the southeast European country.

The Abu Dhabi interests reacted angrily, declaring the announcement incorrect and inaccurate and vowing to cancel all its Bulgarian investments.

But according to the Sofia news agency Novinite, Bulgarian economy minister Traicho Traikov was trackside on Saturday at Italy’s Autodromo Nazionale di Monza.

He reportedly met with F1 chief executive Bernie Ecclestone, about Bulgaria hosting a future round of the world championship.

Ecclestone “voiced interest in that idea and committed to visit Bulgaria in the coming weeks to familiarise himself with details of the project”, said the report.

Abu Dhabi has denied reports it is helping Bulgaria join the formula one calendar.

It emerged earlier this week that an economic cooperation agreement has been signed between the Bulgarian economy minister and the Emirates Associated Business Group, a state-owned Abu Dhabi company.

Bulgarian authorities, as well as local agencies and publications, claimed the agreement involves construction of a formula one circuit at the former air base at Dobroslavtsi, 15 kilometres from the capital Sofia.

The agreement would reportedly see Abu Dhabi pay for construction of the circuit, with the land provided by Bulgaria.

But according to the Bulgarian daily Sega, Abu Dhabi has denied the reports.

A statement also said the Emirates Associated Business Group was so disappointed with the incorrect information that it will cancel its Bulgarian investments altogether.

Sega quoted the company’s chief executive Raid Abu Hudra as saying the officials had acted so unprofessionally that he would advise others against investing in Bulgaria.

He said a mediator from the Bulgarian prime minister’s office had invited Abu Dhabi to invest in an F1 track but “We told him we would not be interested”.