F1 targets China expansion with new partners

Formula 1 has announced a new partnership with sports marketing agency Lagardère Sports, aimed at expanding the sport in China.

Since Liberty Media completed its takeover of F1, the new owners have highlighted the United States and China as two key areas of future growth. On Wednesday it was announced F1 has appointed Lagardère Sports "to identify and secure strategic partners for Formula 1 in areas including event promotion, media rights, digital and brand partnerships, merchandising, talent development and racing team development."

Formula 1's managing director of commercial operations, Sean Bratches, says the amount of interest in the sport since China first hosted a grand prix in 2004 shows what a key market Asia is.

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"We have a proud and longstanding relationship with motorsport in Asia, working with some great motor race circuit owners and successful race promoters from Singapore to Suzuka in Japan through to Malaysia and Shanghai in China," Bratches said.

"Across the region, Formula 1 fans have proven themselves to be some of the sport's most passionate supporters with over 8.8 million people attending race weekends since 2004.

"We are keen to build on this, developing our brand through unique live entertainment experiences designed to get fans closer to the action.

"We're delighted to be working with Lagardère Sports, whose knowledge of the market in China will help establish long-term benefits for all our partners and brands that we work with."

Andrew Georgiou, the CEO of Lagardère Sports and Entertainment, says Liberty's desire to focus on digital media and fan engagement is a perfect fit for the Chinese market.

"Having advised clients in the region for over 20 years, we've seen first-hand the enormous growth to date in the live sports and entertainment market in China; and also the new opportunities presented by the emerging middle and upper classes," Georgiou said.

"Sports fans in the country, as well as media platforms and sponsors alike, are craving premium, local and live sports and entertainment, supported by quality digital content and meaningful fan engagement. Through this new partnership together we will work with Formula 1 to develop premium local content for the Chinese market, in a way that the sport deeply engages with local fans and becomes part of the Chinese sporting culture and fabric.

"We're delighted the Formula 1 management team has trusted us to use our global insights and network, combined with our local expertise and knowledge within China, to help develop their brand, fan base and appeal to media platforms and sponsors.

"It's a very exciting time to be supporting Formula 1."

The Chinese Grand Prix is currently held at the Shanghai International Circuit, although next year's race is currently marked as subject to confirmation as a new contract has yet to be agreed upon.