Carey says F1 sponsors interest on a "steady rise"
Formula 1 CEO Chase Carey admits that it's proved harder than expected to sell major sponsorship deals – but he insists that interest from potential partners is on a "steady rise."

When Liberty Media took over as commercial rights holder in early 2017, its management promised that there would be more series sponsors than in the past, contrasting F1's situation with the large number of companies affiliated to major US sports.
Howeve,r thus far it has not added to the core group of "global partners" put together under Bernie Ecclestone, which is comprised of Heineken, DHL, Pirelli, Emirates and Rolex – although sources suggest that one major name is set to be announced for next season.
Read Also:
Carey says that the challenge F1 has faced has been to build up a marketing department, something that barely existed under Ecclestone.
"Our cupboard was pretty bare, because we didn't really have a sponsor group," he said when asked by Motorsport.com. "We hadn't created any tools. We hadn't created capabilities to tell the story of F1, to create some excitement.
"We have some momentum today. We've had attendance up, we've had viewership up, we've got a good story, we've got new dimensions to the sport.
"And I think you need to tell that story, and you need to develop tools. Sponsors want partnerships that are more tailored uniquely to them. In the past signs on a wall worked fine, that doesn't work now.
"So we had to develop the array of initiatives, whether it's digital initiatives, regional feeds, virtual ads, fan festivals, all those types of opportunities to create tailored targeted opportunities.
"The traction with interested sponsors has been on a steady rise, we've never been busier. I've got a three page back list of sponsors we're engaged with. Obviously, until the sponsors are signed, deals aren't done.
"Certainly, I'd say we feel we have gotten progressively better, as we've gone along. So while it's been slower and harder than I would have planned it to be a couple of years ago, I think that in many ways is the nature of where we started, and we started really from ground zero."
Read Also:
Carey remains adamant that F1 is a good proposition for potential partners.
"I think this is a sport sells well, it's a unique sport with passionate fans, attractive fans, the sport differentiates from other sports, given it's marriage to technology, given the nature of the sport, the global aspect of the sport.
"And at a point in time where events in a world that is increasingly commoditised and fragmented, events that rise above are reasonably valued. So I think the interest and engagement we have has been on a steady rise."
Carey stressed that it is currently a challenging time for anyone searching for sponsorship or advertising dollars: "I think in general for almost anybody in the ad market that isn't Facebook or Google, the broadly defined advertising market, whether you're television or God forbid, print, radio, even other digital players – certainly sponsorship arenas I think are tougher than it was a few years ago."

Previous article
Hamilton: 2019 went from "heap" of car to best ever season
Next article
Russell completes 18-inch tyre test for Pirelli

About this article
Series | Formula 1 |
Author | Adam Cooper |
Carey says F1 sponsors interest on a "steady rise"
Trending
How Ferrari plans to recover from its 2020 F1 nightmare
The 2020 Formula 1 season was Ferrari's worst for 40 years as it slumped to sixth in the standings. A repeat performance will not be acceptable for the proud Italian team, which has adopted a notably pragmatic approach to forging its path back to the top
Why Aston Martin’s arrival is more than just new green livery
In the most eagerly anticipated Formula 1 team launch of the season, the rebranded Aston Martin squad’s changes go much further than the striking paint job. But rather than a restart, the team hopes to build on top of solid foundations.
The car Aston Martin begins its new F1 journey with
The team formerly known as Racing Point gambled successfully on a Mercedes look-alike in 2020 as it mounted a strong challenge for third in the constructors' race and won the Sakhir GP. Now clothed in British racing green, Aston Martin's first Formula 1 challenger since 1960 provides the clearest indicator yet of what to expect from the new-for-2021 regulations
The tricky driver conundrums facing Mercedes in F1 2021
Ahead of the new Formula 1 season, reigning world champions Mercedes will take on challenges both old and new. This also can be said for its driver conundrum which could become key to sustaining its ongoing success...
How Alpine's cure to 2021 F1 rules starts at the front
A new name, new faces and new colours pulls the rebranded Alpine Formula 1 team into a new era while carrying over core elements of its 2020 car. But under the surface there's more than meets the eye with the A521 which hints at how the team will tackle 2021...
Can Mercedes' W12 retain the team's crown?
Replacing Formula 1's fastest car was never going to be an easy feat for Mercedes. Amid the technical rule tweaks to peg back the W12 and its 2021 rivals, the new Mercedes challenger will remain the target to beat
The pointed note that starts Ferrari's Leclerc vs Sainz era
Ferrari is starting its post-Sebastian Vettel age by welcoming Carlos Sainz in alongside Charles Leclerc. But while Sainz has a tough challenge to match his new teammate, Ferrari is also sending a message that previous intra-team spats must end
The mantra Ocon must follow to challenge Alonso at Alpine
OPINION: It's been an uneasy ride for Esteban Ocon since his F1 comeback - and fresh challenges lie in wait as he's joined by double world champion Fernando Alonso in the newly rebranded Alpine team. STUART CODLING sets out a roadmap to success…