NASCAR Builds on 2023 Momentum

NASCAR is building on their 2023 momentum as they go into the Daytona 500 this weekend and it is all part of this week’s Business of Motorsport. I also highlight questions over F1’s Super Bowl strategy, the rise of online betting sponsors in F1, IMSA’s Innovation Technology Forum and intellectual property protection in motorsport.

All this and much more in this week’s Business of Motorsport Roundup on Motorsport Prospects. Its business news racers an use.

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Motorsport Industry News

Formula 1

Las Vegas Grand Prix

Despite the fact that Liberty Media’s stated aims was to emulate the NFL’s business and sporting models, and despite the fact that the Super Bowl was being held in Las Vegas, the site of one of Liberty’s crown jewel of a race, Olivia Hicks of Formula Flash asks, where was F1 on Sunday?

“With the Las Vegas Grand Prix joining F1’s U.S. calendar in 2023 — predating the Super Bowl by just three months — plus a checklist of partnerships between the two sporting giants, the 58th Super Bowl seemed primed for a splashy F1 promo show. But advertising for the 2024 Las Vegas Grand Prix was absent, at least on TV. There was no mention of motorsport.”

One company that didn’t need the Super Bowl push apparently is MGM Resorts as they recorded record high earnings for the final quarter of 2023 of $4.38 billion.

“Amount of revenue MGM Resorts reported for the final quarter of 2023, driven in part by the inaugural Las Vegas Grand Prix in November. The results from February—which include Super Bowl LVIII this past weekend—will be reported in the next quarterly earnings report. “And where I was skeptical going in, I would look to clearly want to host this again,” said MGM CEO William Hornbuckle.”

In Part 2 of Theo’s thoughts on how Liberty Media boosted F1 to commercial success, he looks at how they used the budget cap to level the playing field.

“The 2021 Concorde Agreement presented by Liberty aimed to address some of the inequalities of previous agreements. According to Christian Horner, Principal of Red Bull Racing, negotiations were “a lot less fun” and “what [ex-Liberty CEO Chase Carey] put on the table was pretty much what was signed”.”

Stake F1

Ignition Performance looks at the the rise of online betting companies sponsoring F1 teams and the implications for the future of the sport.

“One significant factor driving this trend is the global reach of Formula 1. The sport boasts a vast and diverse fan base spanning continents, providing an attractive platform for betting companies to enhance their visibility. As Formula 1 races draw millions of viewers worldwide, betting sponsors see an opportunity to tap into this extensive audience, leveraging the sport’s popularity for increased brand exposure.”

McLaren has renewed thei call for the FIA to act on the relationship between Red Bull Racing and VCARB in the wider interest of F1.

If you look at every other major sport, you’re not allowed to own two teams – and I’d even go further. There’s A-B team relationships and when these started 15 years ago it was because there was a huge gap between the top teams and the bottom teams. Now that there’s this great budget cap in place, all 10 teams are pretty much running to the cap so we have an equal playing field.

So to have two ownerships, I can tell you from sitting in the FIA and F1 Commission meetings the voting is always the same even when, in theory, it shouldn’t be in one of the team’s best interests. We’ve seen it on track, some collaborations going on, and then technically they’ve been very forthright in where they’re going to take the suspension, etc.

“The definition of a constructor is a team who develops their own IP, so I just think the sport’s now moved on to an equal playing field. To have A-B relationships, to have co-ownership of two teams, I think isn’t a level playing field.

McLaren urge FIA to act on key Red Bull relationship with ‘wider F1 interest’ highlighted

As the venue that most recently held the German Grand Prix, Hockenheim is hopeful of the return of Formula 1 if the conditions are right but the economics and the German market make it difficult.

Jorn Teske, manager of the Hockenheim circuit in Baden-Wurttemberg says:

We have already been told that there is a great deal of interest in Germany as a location,” he said. “I also don’t believe that this is just lip service. Of course, key economic figures also play a role for Formula 1. However, it is not entirely clear to me to what extent they are prepared to reduce the maximum achievable entry fees. You often hear the question of why it doesn’t work in Germany.

Our answer is always the same: In other countries, there is cross-financing from third parties. That hasn’t been the case here so far. If nothing changes or Formula 1 isn’t prepared to make major compromises, it can’t work.

Historic F1 venue fears as reputation of the past ‘won’t last forever’

Despite the denials from Chicago city officials, the rumors keep rumbling about a potential Chicago Grand Prix. Now the rumors are that the race will occur in a late April to mid-June slot in the calendar, before or after the Canadian Grand Prix and that it would eventually replace the United States Grand Prix at COTA.

General Motorsport Industry News

NASCAR Daytona 500

As NASCAR prepares for its marquee event the Daytona 500 this weekend, NASCAR COO Steve O’Donnell said attendance and sponsorships are among the strong metrics that they are carrying forward into 2024 and sees excitement to build upon in the new season.

And as NASCAR gears up for its 2024 season, BlackBook Motorsport analyses the data to identify some of the key media, consumer, and financial trends shaping the series’ business off the track. “According to Ampere Analysis, a SportsPro commercial guide data partner, that prestige in its home market is still enough for the series to generate the second most media rights revenue of any motorsport property globally, behind only Formula One.”

NASCAR Builds on 2023 Momentum

As the streaming and social reach of IMSA expands, the series launched an Innovation Technology Forum which explores future collaboration in the series.

“We’re at an incredible moment in our sport – all of motorsport, but specifically, endurance sports car racing,” Doonan remarked. “IMSA is the place with the most technologically advanced and the most sustainable race cars in North America, thanks to our partners at Michelin, Bosch, and VP Racing Fuels, and our auto manufacturer partners. The IMSA Platform has, in fact, become a launchpad for auto manufacturers, a proving ground for their next generation of powertrains, and a showcase of their future design direction. The racing cars are the ultimate expression of their road products – this is the essence of what IMSA is all about.”

In IndyCar news, Penske Entertainment President and CEO Mark Miles has ruled out a race in Argentina in 2024 due to the political situation in the country. The series also announced that they were moving the series final from the streets of Nashville to the Nashville Superspeedway due to Tennessee Titans stadium construction in the area of the race track.

PRI Magazine looks at ongoing efforts to contain costs and level the playing field that have helped to keep asphalt Super Late Models healthy over recent years, while rising visibility and increased cooperation between series is establishing the path ahead.

“As is the case with many motorsports disciplines, one of the biggest challenges that has faced Super Late Model organizers has been the need to find an agreeable middle ground between cost containment and innovation. As racers continue to incorporate increasingly sophisticated technologies into their programs, sanctioning bodies are often forced to react. If they don’t, they run the risk of driving away those without the financial means to do the same.”

Business of Motorsport

Motorsport Week has an exclusive interview with More Than Equal performance coach Sarah Moore on the goals of the organization and her role in it.

“I think the More Than Equal development program is good in the fact that it’s not attached to a team. It’s not a championship. It’s this own standalone thing. So I think it would be hoping that will be more accessible for the drivers to, maybe in the future, work amongst different teams, different championships. But I just think the key thing for me was being visible as a female coach as part of More Than Equal to give my experience. And I think just being visible there and working with the future female talent that we eventually pick will hopefully help to bring more female talents through.”

Quick Takes on the Business of Motorsport This Week

NASCAR Builds on 2023 Momentum
The PRI Show is the place to be if you’re into racing and going fast! Take an in-depth look at the 2023 edition of this one-of-a-kind motorsports showcase. 

Motorsport Sponsorship & Partnership News

Here are the latest motorsport sponsorship deals, partnerships and related analysis that were announced this week.

NASCAR Builds on 2023 Momentum

F1 ACADEMY™ has today announced a landmark partnership with Charlotte Tilbury that sees the brand become an Official Partner of F1 ACADEMY in 2024.

The globally renowned beauty empire will become the first female founded beauty brand to partner with F1 ACADEMY, and also enter into their first ever global sports sponsorship.

Charlotte Tilbury is a global beauty brand with a mission to help everyone, everywhere feel and look their most confident self through the power of skincare and make-up.

The partnership is founded on a closely shared purpose to empower, inspire confidence, and encourage young women to chase their dreams. As an Official Partner, Charlotte Tilbury will use its global platform to showcase F1 ACADEMY’s current drivers, shining a light on their incredible achievements and showing their audience all the opportunities available to women in motorsport – both on and off track.

Business of Motorsport
Business of Motorsport
NASCAR Builds on 2023 Momentum

Team & Manufacturer News

Here is a roundup of the latest team news from around the world of motorsport.

Business of Motorsport
NASCAR Builds on 2023 Momentum
Business of Motorsport

Motorsport Law Roundup

F1 Logo

LawinSport has published A Guide To How Trade Marks Work In Formula One®, the third installment in LawInSport’s series dealing with intellectual property in motorsport. The first installment is on protecting confidential information in motorsport and can be found here while the second installment dealing with patents and trade secrets in motorsport can be found here.

Mark Boudreau
Author: Mark Boudreau

Mark is the publisher of Motorsport Prospects. As a lawyer, he applies his legal background and research skills to assist race drivers by showcasing the resources they need to make their motorsport careers happen.

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