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Saturday, June 22, 2024

Formula 1 Close To Adding Five-Year Deal Worth $150M

Jerome Miron-USA TODAY Sports/Design: Alex Brooks

Software company Salesforce is reportedly close to securing a bumper deal with Liberty Media’s Formula 1.

The season’s opening race takes place in Bahrain this weekend, and the pair is hoping to finalize the deal — expected to be $30 million annually for five years — before the race’s start. Salesforce would be included in Formula 1’s global sponsorship tier.

Formula 1 has brought in a flurry of sponsorships recently as the sport gains more popularity. 

  • Earlier this month, F1 announced a deal with Chinese technology company Lenovo. Financial terms were not disclosed.
  • In June, F1 unveiled crypto.com as a global partner in a five-year deal worth more than $100 million.
  • In 2020, Saudi Aramco announced its own global partnership with Formula 1. 
  • The U.S. will host the Miami Grand Prix for the first time this year, adding to its race in Austin, Texas.

Race to the Top

Formula 1’s fourth-quarter revenue increased 62.3% to $787 million, with viewership reaching 1.55 billion last season. Revenue for the full year hit $2.14 billion.

The Liberty Media division terminated its broadcasting contract with Match TV in Russia, adding to the list of sports properties severing ties to the country after its invasion of Ukraine.

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