John Malone’s Liberty Media (NASDAQ:LMCA) acquired Formula One for $8-B including the debt earlier this year, and he is planning a major overhaul of the iconic F1 motor racing competition that will boost its fan base and thus its sponsorship revenue in the US and world wide.
A Formula One sources have outlined the revamp, describing how the company planned to make each of the 21/211 Grand Prix races “the equivalent of the Super Bowl.”
So, rather than being just weekend competitions, Liberty wants to transform each Grand Prix into a weeklong event, according to the sources.
Formula One is also considering launching new Grand Prix events in big US markets and is reportedly considering locations in New York, Miami, Los Angeles, and Las Vegas, along with the current event in Austin, Texas.
Under Liberty, F1’s international marketing department will grow and flourish in the modern idiom.
According to the sources, “There’s no marketing, no research, no data, no digital platforms … This sport has unique global content and hasn’t done enough to take advantage of that. We need to build the rivalries and enable people to understand the technology that goes into the sport.”
That being the case, F1 will chase a giant technology sponsor adding that the enterprise will explore VR (virtual reality) to bring fans who cannot attend a Grand Prix race in person closer to the live event.
Liberty Media or Formula One did not respond to a request for comment.
In April of this year the FT reported that Formula One’s teams were seeing a decline in sponsorship revenue. Last year, the 10 Formula One teams raised $750-M, down from nearly $1-B in Y 2011.
The Top 5 F1 racing teams are: Ferrari (NYSE:RACE), MercedesAMG, Red Bull, McLaren and Williams.
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