Formula One owner, Liberty Media has appointed Creative Arts Agency (CAA) Sports to represent its global sponsorship rights.
Liberty Media completed its takeover of the sport in January and appointed Sean Bratches as commercial chief.
Sponsorship was identified as a under-exploited area by Liberty, with Formula One having only five top-level corporate partners with Rolex, Heineken, Emirates, Pirelli and DHL.
CAA Sports will look to expand the roster in categories such as telecommunications and hospitality.
The announcement comes just before Murray Barnett, formerly of World Rugby, beings his new role as Fomula One global head of sponsorship and commercial partnerships.
CAA, head of global sponsorship sales, Paul Danforth said: “Formula One wasn’t exactly out there talking to corporations all over the world on how they could partner with the sport. That’s what we are really excited about.
“When you look at the world of technology, each of these teams are probably spending more money on technology than any sport in the world, yet there’s not even a technology partner of the sport. We couldn’t be more excited about digging into that space and talking to everyone that we’ve been talking to in Silicon Valley with our 49ers project and our Warriors project. That is one of the places that we’re going to start.”
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