Liberty Media, the owner of the Formula 1 group, announced on Wednesday, 6 September that it had acquired a greater than 90% stake in QuintEvents to bolster its Formula 1 operations.
The deal values Quint, a global ticketing and event provider, in the region of $313 million and brings the company into Liberty’s Formula 1 Group stable.
Quint already has a pre-existing partnership with F1 via the operation of the F1 Experiences hospitality program and has other partnerships that include the likes of MotoGP, the NBA, NASCAR Chicago Experiences, two NFL franchises, the NHL, Kentucky Derby and more.
“We are excited for Quint to join the Liberty family and strengthen our position in sports and live entertainment,” said Greg Maffei, Liberty Media President and CEO in a statement on the Liberty Corporation’s website.
“As a commercial partner to F1, Quint has proven their expertise in product development and sales through their creation of the F1 Experiences program.
“We have high conviction in the demand for premium, live events and will work with Quint’s management to enhance F1 offerings and bring Quint’s services to more sports.”
F1 and Quint will continue to operate as separate companies collaborating to enhance the entertainment package at Grands Prix.
This includes the F1 Experiences hospitality packages set up by QuintEvents, which offer a wide range of exclusive access beyond that of a regular Grand Prix ticket, from hotel and travel accommodations to exclusive viewing areas, food and drink hospitality, plus perks such as track tours, podium presentation viewing and appearances from F1 drivers.
The biggest test for Liberty, the Formula 1 Group and QuintEvents is on the horizon in the form of the Las Vegas Grand Prix in November.
A unique Grand Prix on the F1 calendar, Vegas is being promoted by Formula 1 itself and undoubtedly Quint will have a big part to play in the running of the event, with it being no secret that the race in Nevada has presented several high-cost hospitality opportunities with numerous reports of six-figure price tags for various ticketing packages for the race.