The Formula One Group to open New York office


As it seeks to expand it commercial and marketing reach in the US, Formula 1 is establishing its first permanent office in New York, according to Sports Business Daily.

F1 CEO Chase Carey has often underlined the sport's need to strengthen its foothold in America, considering the fan base in the United States difficult to ignore.

F1 will take its time to add a second race - and perhaps even a third - in the country however, with destination cities such as New York, Miami or Los Angeles currently envisaged.

The expansion aims to boost the sport's commercial development in the US and to grow its pool of sponsors following a period of lackluster sales during the Bernie Ecclestone era.

Current official sponsors of F1 include DHL, Pirelli, Heineken, Emirates, Rolex and Carbon champagne, but many sector deals are still up for grabs including financial services, fuel, insurance, spirits, gaming, telecom, rental car and sports apparel.

The precise location of F1's New York office and how many executives shall be based there is not yet known, but its intentions were confirmed by F1's director of communications Norman Howell.

"Yes, we are opening a small commercial office in New York which will be dealing mainly with the sponsorship side of things."

Earlier this year, F1 signed CAA Sports as its non-exclusive sponsorship agency, responsible for selling the sport's rights globally.

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