Be aware of sponsorship exclusivity when signing a contract as a driver. Not sure what this means? You will find out in this week’s edition of The Business of Being a Race Driver. You will also find out about getting sponsorship for your sim racing, tips to price your sponsorship and a live webinar on how to fix your sponsorship deck that takes place today!
The Business of Racing
From the Driver’s Point of View
In this video from 2021, Mitchell DeJong, the most decorated on-track and eSports racer in the world—with over 20 combined on-line and at-track championships–explains how eSports and their sponsorships are more team-focused, while real racing is more individualistic.
Law firm Kaufman & Canoles recently published a list of key takeaways from their attendance at the latest Racing Attorney Conference. While all are important and you can read them here, the key one to understand when it comes to sponsorship and the race driver is the concept of sponsorship exclusivity.
“It is important for motorsports athletes to understand at the beginning of their career that the sponsorship agreements they sign early on may have a long term effect on the trajectory of their racing career. Narrowly drafted exclusivity provisions within sponsorship agreements allow motorsports athletes flexibility to grow by keeping viable opportunities open, while also providing the necessary funding.”
Megan Meyer is hosting a free webinar today (October 8th, 2024) called “5 Reasons Why Your Deck is Backwards and How to Fix It.” She’ll dive into why your sponsorship decks aren’t working and how to flip the script so brands can’t wait to partner with you.
She is offering two times—11 AM CT and again at 9 PM CT—so you can choose the one that works best for you. Click here to pick a time and save your seat!
Which sponsorship categories are spending most? Find out which categories have experienced the greatest success in delivering business results through sponsorship over the past 18 months in the SponsorPulse Benchmark Report. From Apparel, to Credit Cards, to Energy Drinks, to Luxury, to Grocery and more. Check out SponsorPulse for all the details. (I have no affiliation with SponsorPulse)
From the Sponsor’s Point of View
In their article Awareness, engagement, positive association, emotional connections, RTR Sports Marketing explains why you should sponsor sports.
“More than slapping a sticker on a car or motorcycle, modern sponsorship is about creating meaningful connections with consumers, enhancing brand visibility, and driving sales through strategic activation. As the landscape of marketing continues to evolve, sports sponsorship stands out as a dynamic strategy that offers brands unparalleled opportunities for growth and engagement. Here’s why your company should consider diving into the world of sports sponsorship.”
You can read the full article here.
The Costs of Racing
Red Bull senior advisor Helmut Marko, Pierre Gasly and Fernando Alonso have called on the FIA to act on reducing costs for young prospects looking to climb the junior ladder.
“I think we all will agree that motor sport is extremely expensive right now, not only from the top categories. I think karting became a little bit too much, you know, 200,000, 250,000 for a season in karting now, it seems not a logical starting point for any motor sport enthusiast,” said Alonso. “So, yeah. It’s not an easy fix. And I don’t know how it could be policed in a way. But yeah, I think we are all concerned about that.”
Read more at Planet F1.
Author: Mark Boudreau
Mark is the publisher of Motorsport Prospects and the host of the Motorsport Prospects Podcast. 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.
