Formula One Management is looking at creating a global sponsorship property like the Olympic Games. The move follows the appointment of International Olympic Committee (IOC) marketing director Michael Payne as its marketing chief.
Payne, who will take up the position of special adviser to Bernie Ecclestone in September, says he will be responsible for developing a global sponsorship property for the organisation, which owns the rights to the Formula One Championship.
An industry source says the restructure could see a select number of brands partnering the championship, although Payne says it is too early to comment.
Williams F1 marketing director Jim Wright says that central sponsorship could be good for the sport as it will mean a greater centralised marketing effort, but he worries that it could result in damaging competition for the teams.Payne, however, believes there “are a lot of similarities between the two jobs”. He has been marketing director at the IOC since 1989, during which time he transformed the organisation’s finances.
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