The motorsport sponsorship follow-through is one of the topics covered in this week’s Business of Being a Race Driver. I also have details on when Katherine Legge almost fell victim to a sponsorship scam and much more!
Overview
How to Follow Through and Get Sponsored
You made it to the 5th and final episode of Konig Wheels USA’s Series on Sponsorship. “By far and away, the most frequent question we receive via DM is “How can I get sponsored?”. We assembled this series for you all in the hopes that peeling back the curtain and showing you what we expect on the receiving side of sponsorship, it might help paint the picture of how to start your own. Sponsorship is all about an exchange of value, a proposition between two or more parties where, ideally, all parties benefit. In this series, we went over How to Get Started, How to Introduce Yourself and Your Project, as well as How to Ask for sponsorship properly.”
Katherine Legge Was Nearly Scammed with $20M Racing Sponsorship Deal Involving Crypto Payments
IndyCar driver Katherine Legge featured on a recent episode of her podcast with Danish driver Christina Nielsen. Legge and Nielsen discussed a $20 million sponsorship deal involving cryptocurrency, which nearly scammed the two racing drivers.
“We should have realized, we want to give you 20 million over the next three years. Yep. Right there. There should have been a red flag,” said Nielsen.
Read all the details here.
Why You Need to Learn English
Motorsport PR expert Alexandra Schieren explains why race drivers need to learn English. “[I]t’s become an unwritten rule that if you want to succeed in international motorsport – or any sport – you must be able to communicate in English. With the media. With sponsors. With your fans.”
The Legal Playbook for Athletes Crossing Borders
Last week I mentioned the importance of understanding visa requirements when racing overseas. This week I bring you an article from law firm Offit Kurman about overseas athletes competing in the United States.
“When an athlete leaves their home country to pursue a professional or collegiate career in the United States, the transition involves far more than training schedules, new teammates, and different coaching styles. It is also a major legal and financial shift. Immigration status, contract terms, taxes, and estate planning all come into play — often at once. Without the proper legal documents in place, even the most talented athlete can find their career and income at risk.”
Authenticity or Bust: When Non-Endemic Sponsorships Fail
Ken Ungar of the Charge Sponsorship agency discusses when non-endemic sponsorships fail. “Let’s talk about the most expensive mistake in sponsorship: showing up where you don’t belong with a briefcase full of money and expecting everyone to love you for it.”
Best Private Banks in the UK: Where the Genuinely Wealthy Actually Bank
As you know I always emphasize thinking outside of the box when researching potential sponsors. Here is an article from Gentleman’s Journal that reviews the most popular private banks in the UK used by high net-worth individuals.
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.
