The future of the Chinese Grand Prix appears to have received a boost after Formula One signed a strategic partnership agreement with marketing company Lagardere Sport and Entertainment.
In a bid to increase its profile and capitalise on the growing interest in F1 in China, Liberty Media has completed the deal with the aim of helping to grow the country's F1 audience by increasing the entertainment factor at the grand prix. Lagardere was founded in 1992 and has already played an important role in promoting Asian Football Confederation events in China.
F1's managing director of commercial operations, Sean Bratches, was keen to make the deal happen as he believes the profitable Asian market is a key area in the sport's future expansion.
"We have a proud and longstanding relationship with motorsport in Asia, working with some great motor race circuit owners and successful race promoters from Singapore to Suzuka in Japan through to Shanghai in China," Bratches said in a statement. "Across the region, Formula One fans have proven themselves to be some of the sport's most passionate supporters with over 8.8 million people attending race weekends since 2004.
"We are keen to build on this, developing our brand through unique live entertainment experiences designed to get fans closer to the action. We're delighted to be working with Lagardère Sports, whose knowledge of the market in China will help establish long-term benefits for all our partners and brands that we work with."
Lagardere's chief executive, Andrew Georgiou, added: "Through this new partnership together we will work with Formula One to develop premium local content for the Chinese market, in a way that the sport deeply engages with local fans and becomes part of the Chinese sporting culture and fabric. It's a very exciting time to be supporting Formula One."
The news comes as a timely boost for the future of the Chinese Grand Prix, which has featured on F1's calendar since 2004. Next year's event is currently listed on the 21-race 2018 schedule as subject to commercial rights holder confirmation, though F1's owner Liberty Media expects the event to go ahead as planned.
F1 chairman Chase Carey said at the FIA Sport Conference last month: "Our expectation and goal is to have a race. We're engaged with them. The reason is the contracts were up this year, so we're negotiating new agreements. Those agreements aren't completed.
"We're having good discussions and our expectation is to have it, but obviously we don't have a signed agreement, so it's just a reality of life with a lead time that still exists."