Formula 1 chief Chase Carey says the sport has rising interest from potential sponsors, though accepted new deals have been slower and tougher to sign than anticipated.
Liberty Media acquired the commercial rights to Formula 1 from CVC Capital Partners in early 2017 and has sought to attract new parties to the sport.
But Carey accepted that “sponsors want partnerships that are more tailored uniquely for them, in the past signs on a wall worked fine but that doesn’t work.
“We had to develop the array of initiatives, whether it’s digital initiatives, regional feeds, virtual ads, fan festivals, all those types of opportunity to create tailored, targeted opportunities.”
Carey added that its task was accentuated by Formula 1’s “cupboard being pretty bare” as “we didn’t have a sponsorship group” initially set up when it arrived in 2017.
Carey is confident that despite the slow progress so far Formula 1 is still in a strong position to attract sponsors, with the CEO working through a three-page list of parties.
“I think this is a unique sport, with passionate fans,” said Carey.
“It is sport that differentiates itself from other sports, given its marriage to technology and the nature and global aspect of the sport.
“In a world increasingly commoditised and fragmented, events that rise above are increasingly valued.
“Our sponsorship group have been flat out, and will be right through the end of the year, and hopefully some of those turn into signatures, not all of them will.
“But I think we feel good about it, [and] certainly the interest has got only better and only stronger, we obviously have to turn interest into completed deals and we’re hopeful.”
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