Formula One has appointed CAA Sports, a division of sports and entertainment giant Creative Artists Agency (CAA), to represent its sponsorship rights on a global basis.
CAA Sports will be responsible for taking the Formula One brand into new markets and expanding the sponsorship portfolio, to include new and innovative commercial partners.
Terms of the deal were not disclosed, however the partnership with CAA Sport will not preclude other organizations from taking deals to Formula One. Formula One will still conclude some of the deals internally.
Sean Bratches, Formula One's managing director for commercial operations, said: “The appointment is part of a strategic growth plan to support existing partners, and broaden the number of sponsors coming into the sport. We have ambitious plans to expand to new markets and seek out exciting brand activation opportunities that will drive new levels of fan engagement."