McLaren predicts "successful decade" for F1 business
McLaren Racing CEO Zak Brown believes Formula 1 is set for a "successful decade" commercially amid an influx of big sponsorship deals for teams.
F1 enjoyed a small increase in its global TV audience last year, aided by increased interest through the Netflix Drive to Survive series and a compelling title fight between Lewis Hamilton and Max Verstappen.
Ahead of the 2022 season, a number of teams have announced major new partnership, including an influx of companies relating to big tech and cryptocurrency.
McLaren has also added several new partners to its portfolio in recent times, prompting Brown to hail a strong period to come for F1 on a commercial level.
"Formula 1 is in a very strong place commercially," Brown said. "[We have] more grands prix than ever with continued demand on TV, digital, and with Netflix, the overall exposure for the sport is very strong.
"[There are] a lot of corporate partners coming in. We've been having a lot of success for some time. We're at over 45 partners now between our car and licensing and over a dozen joined us last year, some of the world's biggest companies.
"[It's] great to see others in the sport raking in first-class global organisations. I think we're in a very healthy state, and with the on-track competition being what it is and the financial budget cap in place, the racing should get closer.
"I think we're in store for a real successful decade in Formula 1."
Zak Brown, CEO, McLaren Racing
Photo by: Steven Tee / Motorsport Images
Red Bull announced earlier this month it had agreed a new title partnership with US tech giant Oracle, reported to be worth $100m per year, and a separate deal with Bybit claimed to be worth $50m per year.
Asked if those reported figures were a help for other teams when it came to pointing to the value of F1 and discussing sponsorship deals, Brown felt it was only a benefit to the series' ecosystem.
"It's great to have big brands and big companies like that joining the sport," Brown said.
"It's clearly a very significant investment, so I do think it's a good story. Whether the actual number [for Red Bull] is accurate, I don't know.
"But it's great to have companies like that, and in Formula 1, they've brought on some good new global partners and other corporate partners of the sport.
"I think all of these are good storylines for all of us."
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