Formula One expands sponsorship opportunities

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Reuters is reporting that The Formula One Group has appointed CAA Sports, a division of the U.S.-based Creative Artists Agency, to represent its global sponsorship rights.

"CAA Sports will be responsible for taking the Formula One brand into new markets and expanding the sponsorship portfolio to include new and innovative commercial partners," it said in a statement.

Sean Bratches, Formula One's managing director for commercial operations, said the appointment was part of a strategic growth plan "to support existing partners and broaden the number of sponsors coming into the sport".

"We have ambitious plans to expand to new markets and seek out exciting brand activation opportunities that will drive new levels of fan engagement," he added.

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