F1 to open a commercial office in New York
Formula 1 is opening a new office in New York, which will largely focus on sponsorship.
Formula 1 has been looking to increase its profile in North America since the $4.4-billion takeover by Liberty Media, the US media giant, in January.
Norman Howell, Formula 1's director of communications, told USA’s Sports Business Journal that the series is “opening a small commercial office in New York which will be dealing mainly with the sponsorship side of things.”
Earlier this year, Formula 1 moved to a new headquarters in central London.
In April, the series signed a deal with CAA Sports, the USA-based entertainment agency’s sports division, to exclusively represent its sponsorship rights worldwide.
CAA Sports, which is headquartered in Los Angeles, has already said that it plans to take the Formula 1 brand into new markets and expand the sponsorship portfolio to include new and innovative commercial partners.
Bernie Ecclestone, Formula 1's former promoter, was thought by some to have neglected sponsorship as a lucrative revenue stream. The series' existing major partners are Rolex, Heineken, Emirates, Pirelli and DHL.
Chase Carey, the new Formula 1 chairman and chief executive, has already expressed his desire to stage a new street race in USA.
The Grand Prix of America, a street race in Port Imperial in New Jersey set against the backdrop of Manhattan, was pencilled in for the 2014 season, but never transpired.
Earlier this year, Carey said he would like to "add a destination race in the US in a location like New York, LA, Miami, Las Vegas" to "create something that will be a really special event."
He acknowledged that the series hadn't "invested in the way we need to build the US market."