F1 to Set Up Fully-Fledged Local Entity in China
SHANGHAI (Reuters) - Formula One's planned Chinese joint venture will have its own marketing, licensing and media rights arms dedicated to growing the sport's presence in the vast but still nascent market, commercial managing director Sean Bratches has said.
"What we will do is effectively set up a similar structure to what we have in London," the former ESPN executive told Reuters at the weekend's Chinese Grand Prix in Shanghai.
"With a head of marketing, a head of licensing, a head of media rights, a head of sponsorship, a head of digital, etc. and really activate the brand here like its own entity," added the American.
Sources told media last week that Liberty Media, who took over as Formula One's commercial rights holder last year, was talking to potential local partners including Inter Milan owner Suning and La Liga rights holder DDMC to form a joint venture that would help manage business development in China.
Bratches declined to confirm any names but said he had spent the last few weeks in Shanghai and Beijing talking to a "number of entities."
He added, however, that the sport's relationship with local company Juss Events Co Ltd., who currently organize the race, would continue.
Formula One held its first grand prix in China in 2004. Despite a steadily growing fanbase, a Chinese population of 1.3 billion means there still remains a vast opportunity for the sport to tap.
"What we will do is effectively set up a similar structure to what we have in London," the former ESPN executive told Reuters at the weekend's Chinese Grand Prix in Shanghai.
"With a head of marketing, a head of licensing, a head of media rights, a head of sponsorship, a head of digital, etc. and really activate the brand here like its own entity," added the American.
Sources told media last week that Liberty Media, who took over as Formula One's commercial rights holder last year, was talking to potential local partners including Inter Milan owner Suning and La Liga rights holder DDMC to form a joint venture that would help manage business development in China.
Bratches declined to confirm any names but said he had spent the last few weeks in Shanghai and Beijing talking to a "number of entities."
He added, however, that the sport's relationship with local company Juss Events Co Ltd., who currently organize the race, would continue.
Formula One held its first grand prix in China in 2004. Despite a steadily growing fanbase, a Chinese population of 1.3 billion means there still remains a vast opportunity for the sport to tap.