Formula 1 presses on in China with partner Lagardere

The Formula One Group is teaming up with marketing agency Lagardere Sports to help it build strategic partnerships and raise its profile in China.

China has been targeted by the sport's new owners as an area of expansion and a market which has yet to be fully exploited by F1, a move which could include adding a second race in the country.

In a joint statement issued by the two parties on Wednesday, Lagardere said it would "identify and secure strategic partners for Formula One in areas including event promotion, media rights, digital and brand partnerships, merchandising, talent development and racing team development."

Formula One's commercial managing Sean Bratches underlined the country's growing passion for F1.

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"We are keen to build on this, developing our brand through unique live entertainment experiences designed to get fans closer to the action," he said.

McLaren executive Zak Brown recently said that China remained un untapped market given its huge potential.

"We still aren’t where we need to be in China," Brown told Reuters last month.

"You could have a race in Beijing and Shanghai and I don’t think you’ve saturated Asia."

News also filtered recently that a China-based consortium was working on a project involving a new Formula 1 team, with Red Bull Racing boss Christian Horner revealing that members of the Milton Keynes outfit had been approached with offers to join the burgeoning venture.

Chinese money was also linked to an attempt by Ron Dennis to buy-out his fellow McLaren Group shareholders. But the subsequent bid, estimated to be worth $2.08 billion, failed, forcing Dennis to sell his remaining stake in the company.

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