The Formula One motor-racing series has selected CAA Sports, a division of sports and entertainment giant Creative Artists Agency, to represent its sponsorship rights on a global basis.
CAA Sports will be responsible for taking the F1 brand into new markets and expanding its sponsorship portfolio to include new commercial partners.
CAA Sports’ work will form part of the strategy of F1’s new owners, Liberty Media, to widen the series’ appeal to new audiences across multiple platforms, with a focus to be placed on digital opportunities.
F1 recently announced that sports marketing professional Murray Barnett, formerly chief commercial officer at World Rugby, will join the series on April 25 as its global head of sponsorship and commercial partnerships.
Sean Bratches, managing director of commercial operations at Formula One, said: "The appointment of CAA Sports represents the latest stage in our strategic growth plan for Formula One that aims 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.
“With the addition of the French and German races to the 2018 calendar, we welcome the experience and global footprint of CAA Sports to support us as we look to evolve Formula One.”
Michael Levine, co-head of CAA Sports, added: “Formula One is one of only three truly global sporting events, along with the Olympics and World Cup, and the fact that it happens every year provides an array of unique sponsorship opportunities.”