SINGAPORE – Formula One’s (F1) Williams Racing team is looking for more business partners in Asia to sponsor its future races, and aims to set up an office in the region to expand its network in the next 12 to 18 months.
This comes at a time when F1’s audience in Asia is expected to grow in tandem with the region’s rising economic affluence.
Sponsors provide the funding necessary to operate an F1 racing team. In return, the sponsors get their logos placed on the F1 cars, driver suits, helmets and other assets. These are seen by millions of people globally, providing sponsors with significant exposure.
For example, Malaysia oil and gas company Petronas is a financial backer of Mercedes, while Red Bull sponsors its own F1 racing team.
Both companies’ logos also appear as prominent branding on the cars.
Mr Peter Kenyon, commercial adviser of the British F1 racing team, said in a recent exclusive interview with The Straits Times: “If we look at F1, there are 24 races and three currently in Asia. We believe that there will be more races coming to Asia.”
Currently, the three Asia F1 races are held in Japan, China and Singapore.
“We look at the economic growth of Asia over the next decade. That’s where the audience growth is coming from.”
To that end, the Williams Racing team held a networking session with companies in Singapore on Sept 20 to generate interest in becoming its potential partners or sponsors.
“We see the importance of this region. We want to start building that relationship and networks now,” Mr Kenyon said.
Businesses from Asia are also under-represented in the sport, making up just 13 out of some 223 F1 sponsors, noted Mr James Vowles, team principal of Williams Racing.
