Salesforce Closes In On Bumper F1 Deal
US-based enterprise software company Salesforce is close to agreeing a partnership with F1 motorsport, according to a report by Sky News.
The sponsorship deal is further evidence of F1’s commercial revival, with the deal looking to be tied up with F1’s owner, Liberty Media Corporation, ahead of the season’s opener in Bahrain on 20th March. The agreement looks likely to be scheduled for five years and sources have suggested it could be worth close to $30m annually.
After financially suffering during the initial period of the pandemic, F1 continues to recover with a series of significant brand partnerships in recent months. Fourth-quarter revenue at Formula One Group rose by 62.3% to $787m.
The sport has benefited hugely from the success of Netflix’s Drive To Survive docuseries which has encouraged significant viewership growth in the US. A third US Grand Prix, in Las Vegas is set to be confirmed in the coming months.
108 million people tuned in to the final race in Abu Dhabi last season, where Max Verstappen won the drivers’ championship in a dramatic finale. F1 will hope another notable commercial partnership can help grow the sport even further.
